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COVID-19: R&D tax credits boost cashflow

Since the beginning of the COVID-19 pandemic, Mitchell Charlesworth has helped businesses in the North West access more than £1.4m from the government’s research and development (R&D) tax credit initiative.

The average amount of R&D tax relief received by Mitchell Charlesworth’s clients was £33,171. Successful claims have been made across a wide variety of industries.

Phil Hartley, tax manager at Mitchell Charlesworth, says: “Over the last six months many companies have experienced serious financial impact due to the COVID-19 pandemic, but making a successful R&D tax claim has given many businesses a significant cashflow boost.

“Whilst awareness of the tax relief continues to grow, there are still a vast amount of companies missing out on potentially tens of thousands of pounds in R&D tax credits, due to the common misconception that they simply don’t qualify.

“Examples of areas where successful claims have been made include software development, engineering design, product development, new construction techniques, bio-energy, cleantech, agri-food and life and health sciences.

“I would urge companies of all sizes and sectors to consider whether any of the activities that they have undertaken qualify for this valuable relief.”

For advice and guidance on R&D tax relief and if it is applicable to your business, please contact Phil Hartley below.