ARTICLE · 20 FEBRUARY 2015

Research And Development - Winter 2014/15

Smith & Williamson

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Many companies in the financial sector are still not claiming this hugely valuable tax relief, or taking its full benefit.

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UNDERSTANDING THE POTENTIAL BENEFITS

Many companies in the financial sector are still not claiming this hugely valuable tax relief, or taking its full benefit. This is often because they do not realise they are carrying out research and development (R&D), due to the complexity of the rules.

SMEs in the financial sector, including insurance made only 145 claims in 2012/13 (1.1% of the 13,000 claims), but had the third highest average claim of all sectors at £69,000, a substantial sum. We have made numerous claims for the relief for financial companies, in particular for software costs on innovative IT projects.

We thought it was worth reminding companies what R&D is all about.

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