Members at a recent meeting of Leaders Forum 2, chief executive mentoring and experiential learning group (with members from Leicester, Northants, Coventry, Staffs and Notts) recently discussed the issue of Tax Credits for R & D spend.
One member had recently employed a consultant to advise the business on claiming Tax Credits for R & D spend. Apparently many businesses under-claim this credit, and the consultant had helped them to successfully reclaim a significant amount of money (until April you could go back 5 years, now you are still able to go back 3 years).
Another member – a Director of a Manufacturing business, hadn’t heard of the scheme, so took the consultant details. To cut a long story short, he got the consultant in and was able to reclaim £280,000 from the Inland Revenue. (see Inland Revenue website for details of qualifying criteria http://www.hmrc.gov.uk/randd/)
This is the kind of invaluable support and peer group discussion which takes place at all Academy meetings. To find out more about membership, contact Peter Pritchett at The Academy for Chief Executives.