Early stage technology companies are missing out cash by not claiming Research and Development (R&D) tax credits, it has been reported.
Many new companies wrongly believe they are not eligible for the tax credits because they have not actually paid tax yet, said Chris Walklett of accountancy firm Peters Elworthy & Moore (PEM).
He said: “We have found that many technology companies are under the impression that they are unable to claim tax credits and are losing the chance to gain a useful injection of cash.”
Steve Cousins is the founder of Axon Automotive, which has developed an eco-car made of recycled carbon fibre. His company is looking to recover thousands in R&D tax credits from the Treasury that he was previously unaware he was eligible for.
He said: “I would urge all companies who are still at the research and development stage to gain advice to ensure that they don’t miss out on money owed to them which could be ploughed back in to their business and used to extract even greater value from any funding they receive.”
© Crimson Business Ltd. 2009
