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UK IT sector missing out on £280m worth of R&D tax relief

Sophie Curtis | Jan. 14, 2013
The software and IT sector in Britain is missing out on £280 million worth of R&D tax relief, because the HMRC guidelines for submissions are so complex and contradictory that many companies are being put off from making claims.

Commenting on the news, Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants (ACCA), said that small business in particular struggle to get their heads around the process of applying for R&D tax credits.

"You have to produce a lot of documentation to justify why it's innovative. It it a difficult area for small businesses," he said.

"The government is positively encouraging the tech sector to innovate, and clearly anything that will bring down costs for such businesses has to be welcomed."

 

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