West firms are being advised to check whether they qualify for valuable tax credits under the Government’s research and development (R&D) scheme.
West accountancy firm Milsted Langdon, which has an office in Bristol, says many firms are unaware they are eligible for the scheme which increases tax relief against taxable profits. To qualify, a project must seek to achieve an advance in overall knowledge or capability in a field of science or technology.
The relief covers costs such as staff, materials, payments to clinical trials volunteers, software, utilities and subcontracted expenditure. 
Small and medium-sized businesses can claim 225% relief on qualifying expenditure. Larger companies can claim either 130% tax relief, or a 9.1% ‘above the line’ tax credit.
In all cases, there is no upper-limit and, for companies with an accounting period expiring after April 1, 2012, no minimum claim.
Milsted Langdon has a 100% success rate in helping clients reclaim R&D tax credits, having recovered more than £2m since the scheme was first introduced.
The firm’s tax partner Rob Chedzoy said: “Every business owner wants to save money, and minimising your tax bill by claiming R&D tax credits is one of the most effective ways to do this. Many businesses are still failing to take advantage of this opportunity, either because they do not realise they are eligible or because they think the process is too complicated.
“At Milsted Langdon, we have an unbroken track record of making successful claims on behalf of clients – in fact, we have not had a single claim rejected by HM Revenue and Customs.
“At a time when every penny counts for many businesses, we would advise business owners to seek advice at the earliest opportunity to see if their projects qualify for R&D tax credits and ensure they are not missing out on a valuable tax-saving opportunity.”
