RIFT Research were mentioned in the House Of Commons on Thursday 19th of March by the Rt. Hon. Chris Heaton-Harris, MP for Daventry. Our MD Jane Ollis met Chris Heaton-Harris MP the previous week in which they discussed the state of small businesses in relation to the Government funded R&D Tax Credits Scheme.
Mr Heaton-Harris said the following whilst addressing the House Of Commons:
"I echo the statement of the Federation of Small Business yesterday that said that giving standalone guidance for research and development tax credits for small businesses will drive further investment by innovative companies. In fact, I recently met a representative of an accounting firm who work with small businesses to discuss tax credits: Jane Ollis, who is a Managing Director of a company called RIFT. She pointed out to me there are millions of small businesses in the UK, but in 2013 only 13,000 of them claimed back the cash they're entitled to by the government under the research and development tax credit. So there's lots of work to be done in this area.”
“If you spent your time and resources carrying out new product development, or you're working on some innovative solutions as a business, you should be able to reduce your tax bill and secure an injection of up to 35% of what you spent. On average, RIFT identified that the average R&D tax refund claimed with HMRC is £55,000 - an invaluable injection into any small business."
We are delighted to see a focus on small businesses and their entitlement to the R&D Tax Credits scheme highlighted in such a fashion and hope this will make more innovative small businesses aware of the money that they could recoup through the scheme.
If you would like to know more about how you might be eligible for R&D Tax Credits then please call us today on 01233 884586 or contact us online.
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