Northern Ireland firms are missing out on the R&D tax bonanza
Northern Ireland firms are losing out on millions of pounds of tax savings on research and development (R&D) projects every year.
Tax specialist Ian Wolfendale from Jumpstart said local companies are lagging behind their GB counterparts when it comes to claiming R&D tax benefits. He said: "Of the 20,100 claims across the UK totalling £1.75bn in tax benefits, only 420 claims came from companies in Northern Ireland and resulted in just £25 million back."
London, the South East and East of England made the most claims. Across the country, there was a 27% rise in R&D tax credits claimed, but Jumpstart's analysis of HMRC figures for 2014 shows local firms accounted for just 2.19% of total claims and a mere 1.46% of total tax benefits claimed.
Mr Wolfendale added: "Whilst uptake of the UK government's R&D tax relief scheme is increasing across the UK as a whole, and is very healthy in certain regions, companies in Northern Ireland are clearly not reaping the full benefits of the scheme. There is huge scope for a much more focused uptake by companies in Northern Ireland."