Business Innovators in the West Midlands Miss Out
Innovative companies in the West Midlands could be missing out on over £60 million in unclaimed tax breaks simply because they don’t think they’re eligible, according to an article by PwC. The company declares that “UK private business invested around £21 billion in research and development (R&D) in 2015-16, according to statistics from the Office for National Statistics (ONS), with the West Midlands accounting for around 10.3% of total UK R&D spend.”
PwC calculated that even though over 10% of Research and Development spending occurs in the area only 8% of claims for reliefs come from the West Midlands. It is this discrepancy that has flagged up a potential shortfall of unclaimed Tax breaks.