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Company directors of small businesses risk losing out on the thousands of pounds they are entitled to because of new changes to the time limit for claming research and development (R&D) tax credits, experts have warned.
Under the new rules, companies will only have until March 31st to claim tax relief on R&D projects which have been carried out within the last six years.
From April, rebates for projects carried out only within the past two years will be granted.
Because of the complexity of the claims process, experts have warned company directors of small business to make a start on the claims procedure immediately.
Karen Francis, from accountants Cooper Parry, told Business Zone: "If your company carries out an activity that you think could be classed as R&D but you have never claimed you should check with your tax advisers as soon as possible."
Many company directors of small businesses may not even know how much they are entitled to claim, according to Steve Horncastle, business development director at consultants LowendalMasai.
"During a recent project we unearthed savings for an automotive components supplier of over five million pounds," he said.
"Although the client had identified part of the R&D expenditure already, many other areas had not been considered."
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