The manufacturers’ organisation EEF has announced a new partnership with R&D tax relief specialists Jumpstart to encourage greater take-up of tax relief amongst North West companies.
Jumpstart will provide expert advice to EEF members in the region, to help those applying for tax credits for the first time and ensure existing claimants receive their full entitlement. North West companies claimed £130m in R&D tax credits in 2014-15, with SMEs accounting for over half of that figure.
However the sum represents less than five per cent of the total R&D expenditure by businesses in the region, one of the lowest proportions of claims in the country.
In the UK as a whole, manufacturers benefited to the tune of £770m through the tax credit scheme.
However the EEF, which played a leading role in campaigning for the introduction of R&D tax credits, is concerned that many companies are either not taking advantage of the scheme or are not realising their full benefit potential.
The EEF works with over 600 organisations in Lancashire and the North West.