MCC Accountants: Scots firms innovating through lockdown could be missing out on millions in tax rebates
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Andrew Morrison
Scottish firms who have been forced to innovate and develop new ways of working through lockdown could be missing out on millions of pounds in tax rebates, according to Glasgow-based MCC Accountants.
Businesses of all sizes have been urged to investigate whether or not they qualify for hefty bonuses through the UK Government’s Research and Development tax credits scheme.
Writing in today’s Times, MCC Accountants said many firms which have had to adapt as a result of COVID-19 may unwittingly be missing out. Director Andrew Morrison said anyone from distilleries which had changed practices to make sanitiser, to restaurants who’ve developed technology to allow them to deliver home meals, should look into it.
Last year, around 2000 Scottish companies claimed £300 million in R&D tax credits. The credits allow companies to claim 230 per cent of tax back on investment in innovation.
Andrew Morrison, director of MCC Accountants, said: “The phrase research and development tends to evoke images of folk in white coats and test tubes.
“But as a result of the coronavirus pandemic, any business which has had to adapt their practices and develop new ways of working may qualify. Basically, anyone who’s developed something of their own using a degree of trial and error should be looking into this.”
He added: “There could be millions of pounds waiting to come back from government into Scotland’s economy as a result of this.
“The R&D tax credits scheme won’t have been applicable for many firms before but, in the chaotic and unprecedented year we’ve just had, it could be now.”
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