Law firm Moore Stephens has warned construction firms are missing out on billions of pounds worth of tax credits for research and development…
Billions of pounds worth of tax credits for research and development are slipping through the fingers of construction firms, it has been revealed.
Law firm Moore Stephens said some £4.1bn should be claimed by construction companies each year. However, during 2013/14 only £20m in research and development tax credits were claimed.
Firms are able to claim tax credits for innovations such as complex or novel designs, materials or works being undertaken for the first time. The failure to do so is leaving a significant amount of cash untapped.
Moore Stephens partner Paul Fenner said: “Research and development is not just something that’s done by men in white coats in a lab or even an office – it can happen on-site and frequently does, particularly at the design stages of a project.”
