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Innovative firms missing out tax relief
10:00am Wednesday 2nd October 2013 in News
Many West Yorkshire firms are missing out on generous tax allowances designed to boost innovation, according to accountants Grant Thornton.
It said HM Revenue & Customs handed back £1.2 billion to firms as tax relief for research and develoment projects over the past year – an increase of 16.5 per cent.
But only 840 of the 12,190 R&D relief claims made last year were from businesses based in Yorkshire, equating to only £28 million of funding, the firm said.
Sarah Goodman from Grant Thornton’s tax innovation group, said: “As a region that boasts more than its fair share of dynamic, innovative companies, it is even more surprising that just 6.9 per cent of the claims made last year came from Yorkshire and the Humber.
“We are still fighting to dispel the myth that R&D tax relief is restricted to hi-tech industries, employing people in white lab coats who are developing ‘ground-breaking’ technologies.”