Northern Ireland companies are losing out on millions of pounds of research and development (R&D) tax savings every year compared to their counterparts in Great Britain, according to Jumpstart.
New research by the company showed that despite an increase of 27 per cent year-on-year in the total R&D tax credits claimed in 2013-2014, Northern Ireland companies accounted for just 2.19 per cent of total claims and 1.46 per cent of the total tax benefits claimed. Of the 420 Northern Ireland claims, 345 were from SMEs, 60 were from large companies and 15 were dual claims across both schemes.
Ian Wolfendale, client engagement manager for Jumpstart in Northern Ireland, said: "These latest HMRC figures are an alarming demonstration of just how much Northern Ireland companies are losing out in terms of tax savings compared to companies throughout the rest of the UK.
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Funding : Ardean