It is little recognised and few know very much about these very valuable and available policies for British companies. I can say this on the basis of the latest statistics published recently showing the takeup of R&D Tax Credits. Although there is improvement, the scheme is still under used and sets the UK among the lower spenders on research and development. I will remind readers that this state of affairs is not down to Government policy in the matter: no, it is the failure of directors and companies to find out and make claims for the three areas of support I set out above.
The challenge remains: what to do about the reluctance of British companies to take advantage of that which is put there for their support? There is a body of support and expertise available to SMEs and LCs. This consists of companies willing and able to work with companies’ own accountants and to represent and interact fully with each of the seven Special R&D Units run by HMRC.
Infrastructure is in place, the schemes for takeup are in place and functioning: it is up to directors to contact us, or contact someone and find a way forward for their firms. They owe this to themselves and to their shareholders and clients.