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Local manufacturers potentially missing out on R&D tax relief

posted 10 May 2012, 03:13 by RiDO Rotherham   [ updated 10 May 2012, 03:16 ]
With the Government committing to increasing R&D tax relief for SMEs to 225% of qualifying expenditure from April 2012, and 130% relief available for larger companies, it is a great time for South Yorkshire based manufacturers to learn about how their company can potentially benefit.

Many manufacturing companies have yet to take advantage of R&D Tax Credits, often on the basis that the company has no defined R&D department. However eligible activities for the relief can include value engineering, IT systems development, and tooling development alongside the more obvious areas of new product or process development.

Deloitte and the Advanced Manufacturing Park (AMP) have joined together to provide a free seminar at the AMP Technology Centre in Rotherham on the morning of Wednesday 30th May. The event includes an overview of the R&D tax credits scheme and its application to manufacturers, highlighting HMRC's current thinking in this area, the pitfalls that may trip up claimants and exploring the proposed modifications likely to be introduced under the 2013 Finance Bill.

Optimising R&D tax rate relief claims within the manufacturing sector often means looking at activities undertaken beyond any core technical team. The Deloitte R&D tax services team has assisted in the preparation and agreement of thousands of R&D claims, many of which include costs associated with R&D carried out in the manufacturing / production environment. The Deloitte team will explain some of their experiences in this area during the event.

Following the seminar, Deloitte will host a drop-in clinic for attendees, allowing company representatives to share details of potential projects in an initial free 30min consultation, and make initial assessment on the viability of making a claim.

For more information visit the AMP website.