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TOO MANY EAST ANGLIAN BUSINESSES MISSING OUT ON VALUABLE R&D TAX RELIEFS, SAYS REGIONAL EXPERT

26th Apr 2021
Mary Schofield 1

Many East Anglian businesses are missing out on generous research and development tax reliefs because they don’t realise they are eligible – or even that they are carrying out R&D in the first place.  That is the view of one of the region’s leading R&D tax experts, who is leading a special webinar next month with the aim of helping more firms to access the valuable tax breaks.

Mary Schofield, partner at Lovewell Blake, is leading the free one-hour breakfast online event on Thursday 6th May, at which she will outline what kind of R&D qualifies for the tax relief, how to go about claiming it, and the common mistakes made by companies which lead to their claims being rejected by HMRC.

“R&D tax relief is there to help innovative businesses offset the cost of research and development against corporation tax,” said Mrs Schofield. 

“That means that profit-making companies can reduce the amount of corporation tax they pay, and those businesses which have not yet reached the stage of making a profit can actually receive a repayment from the government towards part of their investment.

“Research and development actually has quite a wide definition, but many firms believe it only applies to so-called ‘white coat’ activity, the kind of thing which takes place in a laboratory.

“These generous tax reliefs can really help innovative companies, and it’s vital for the local economy that as many eligible businesses as possible take full advantage.”

The Research and Development webinar takes place on Thursday 6th May at 8.30am.  As well as a presentation from Mary Schofield, those attending will have the opportunity to pick the brains of Lovewell Blake’s team of R&D tax experts in an interactive Q&A session.

Attendance is free, but places must be booked in advance.  More details at www.lovewell-blake.co.uk/events.