New statistics from HMRC highlight sectors that are missing out in UK government’s research and development tax credit relief

Agricultural companies amongst the lowest in UK reaping benefits

Figures released by HMRC have revealed three sectors continue to dominate and reap the majority of R&D Tax Credit benefits including ‘Manufacturing’, ‘Professional, Scientific & Technical’ and ‘Information and Communications’.

In light of the Chancellor’s announcement to support SMEs focusing on research and development, it is expected more UK companies, including within the agricultural sector, will be driving innovation and be in a position to apply for more R&D Tax Credit relief immediately.

The UK statistics revealed that there were 330 claims across the ‘Agriculture, Forestry and Fishing’ sector, amounting to £5m. This is still only 0.1% of all claims across the scheme.

Given the current challenging economic market due to COVID-19, R&D tax credit specialist firm, the Momentum Group, is urging all agriculture companies to review the current innovation they are applying throughout their processes, products or services or simply something they are attempting to make better to ensure they get what they deserve in terms of R&D Tax Credit support from Government.

Managing Director of Momentum Group, Tom Verner, commented, “We are facing a daunting economic outlook across the UK and agricultural companies need to consider all options in order to recover; and R&D Credit Tax relief has the potential to help many businesses across NI.

“The monetary value of R&D tax credits to agricultural companies could run into tens of thousands of pounds, which could benefit cash flow enormously at this time. This time next year, we would hope to see the HMRC statistics revealing more agricultural companies making successful claims.

“The UK Government has clearly identified that innovation is the key to driving economic recovery and we would urge all agricultural companies to consider their processes and see how R&D Tax Credits could help.

“The Momentum Group are specialists in this area, having successfully secured over £150million in tax benefits for our clients, and we are happy to be able to offer free claims advice to companies during this challenging time.”

To learn more about R&D Tax Credits available to agricultural companies and to calculate how much you could receive visit:

 

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About The Author

John Swire - Deputy editor of Agronomist and Arable Farmer as well as responsibility for the Agronomist and Arable Farmer and Farm Business websites. After 17 years milking cows on the family farm John started writing about agriculture in 1998 and has since written for a variety of publications and has developed a wide circle of contacts within the industry. When not working John is a season ticket holder at Stoke City and also of late has become a fitness freak, listing cycling, swimming and walking as his exercises of choice.