Yorkshire’s SMEs urged to explore tax relief

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Small and medium enterprises across South Yorkshire are failing to claim tax relief when they invest in research and development projects.

Research by Sheffield-based accountancy firm BHP Chartered Accountants shows a large number of businesses are entitled to claim cash back from HM Revenue & Customs.

R&D tax credits are available to businesses across all industries investing in a vast range of projects including patents, new manufacturing processes and environmental improvements.

Figures from HMRC reveal that although R&D tax relief claims are increasing, with 15,820 companies claiming £1.36bn in 2012/13, businesses in Yorkshire and Humberside accounted for just 6.7 per cent of the claims made.

Chris Humphreys, tax partner at BHP Chartered Accountants, said: “The reality is there are millions of pounds going unclaimed every year.”