Stopford Associates are urging businesses in Mansfield and Ashfield to take advantage of the Research and Development (R&D) Tax Relief after helping an Ollerton-based engineering company claim £195,000 through the scheme.
Many firms are unaware that they meet the requirements for the relief and as a result are missing out on thousands of pounds.
With less than five per cent of all eligible small and medium sized businesses having submitted a claim Stopfords are aiming to highlight the initiative and make local businesses aware that they may have completed or be planning a project that qualifies for the relief.
Any company that invests in their own research and development may qualify, while claims can be made up to two years previously.
R&D tax relief is a Government initiative that rewards limited companies who push the boundaries of innovation. It either reduces their tax liability or provides a tax refund.
It works by allowing companies to deduct up to 225 per cent of qualifying expenditure on research and development activities when calculating their corporation tax.
Anyone who wants to find out more about R&D tax relief should contact Stopfords on 01623 420 269 or visit www.stopfords.co.uk.