Free service for local businesses to help them identify if they are eligible for significant financial support from the government’s Research and Development (R&D) Tax Credits scheme.
Luvo Financial, which specialises in advising and supporting businesses with R&D Tax relief, has launched the free service to help local companies identify whether their service or product development work is eligible for government financial support.
The new service covers a free, no-obligation, one-hour consultation with one of Luvo’s qualified advisers and R&D Tax experts, who will advise them if they have a legitimate, valid case to claim.
“R&D Tax Credits are a valuable government tax incentive for limited companies who invest time and money into developing new products, processes and services, or significantly enhancing existing ones,” explains Luvo partner Ian Batkin.
“The average R&D tax credit payment is around £60,000, but thousands of eligible local businesses are simply missing out on this valuable financial credit or tax relief.
“From our work with small and medium-sized private and family-owned firms across the West Midlands, we know that the main barrier for them in pursuing a claim is that they simply don’t know the kind of work that qualifies for R&D Tax Credits, and in turn, whether their business would be eligible.
“Often, businesses believe that R&D is only for lab-based development work, but in reality, this type of work is only one part of the activity that qualifies for R&D Tax Credits.”
Partner and Luvo co-founder Vicki White, adds: “According to government statistics, in the region of 95% of eligible businesses haven’t claimed the R&D Tax Credits they are likely to be entitled to. This is why our team is working hard to improve awareness and understanding of the R&D Tax Credit scheme, and our new service is the latest step in this campaign.”
Luvo Financial, which is based at Essington near Wolverhampton, works with businesses and independent accountancy practices across the Midlands and elsewhere in the UK.
For more information about R&D Tax Credits and R&D Tax Relief visit www.gov.uk/guidance/corporation-tax-research-and-development-rd-relief or www.luvofinancial.co.uk.
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