research and development tax relief

Over Half Of All Small Business Owners Don’t Know That R&D Tax Relief Can Help Them

Over Half Of All Small Business Owners Don’t Know That R&D Tax Relief Can Help Them

51% of small business owners haven’t heard of research and development (R&D) tax relief, according to a report by Catax. The survey of 500 enterprise owners revealed that, even among those that are aware of the incentive, a large percentage don’t believe their own business would qualify. 44% of respondents mistakenly believe that R&D is solely reserved for specialist tech, drug and science businesses, whereas in reality, R&D can potentially be claimed by any firm in any sector. 57% of those surveyed even say they’ve “developed a new product or service, and/or implemented a new business process over the past two years” — the basic requirement for an R&D tax claim. Another misconception, believed by 43%, is that any eligible R&D activity has to be successful and integrate... »