A significant quantity of UK manufacturers are usually not benefiting from R&D tax credits to help you support growth, RSM found.
Despite increased government support totalling 2 billion annually, only 59% of UK manufacturers questioned have claimed R&D tax credits.
This suggests that 41% of manufacturers may not be claiming and could be without the benefit of valuable tax savings.
With the uncertainty of Brexit looming, financial assistance for businesses which will keep the UK’s economic prosperity might be more important in the past.
Innovative progression of new or improved products, processes or systems developed via new methods or techniques can be eligible.
In addition, as advanced manufacturing processes filter in the industry the opportunities to claim could increase C highlighting the possibility to unlock more money.
Nevertheless, in line with the upshot of RSM’s UK Manufacturing Monitor, only 39% of companies surveyed felt very confident that they’re able to access R&D credits or business grants, with 11% uncertain of the company’s eligibility.
Nick Blundell, RSM’s Head of Manufacturing in the central region, said: “Accessing development funding is essential into the prosperity of the sector, particularly at any given time when Brexit negotiations could undermine the existing EU funding streams available.
‘The 2 billion R&D commitment on the government offers reassurance, but as our findings highlight, it is a lot to accomplish to vary business perceptions surrounding funding eligibility.
“The scope has evolved as well as if manufacturers are rejected up to now, updated claim criteria or business operations can often mean the approval would undoubtedly successful.”