Deloitte launch R&D Tax Credit team in Cambridge, UK

Business advisory firm Deloitte has launched a specialist Research and Development Tax Credits team at its office in Cambridge.
 
The team, which includes senior managers Graham Cormack and Steve Burgen, and is headed by director John Moore, has been set up to provide companies involved in research and development, particularly those in the hi-tech sector, with expert advice from, tax, engineering, software and scientifically qualified professionals on how to make the most of the credits that are available to them.
 
Deloitte already operates a 30-strong national R & D Tax Credits department from its office in London. The Cambridge team is the second the firm has established at a local level, with its office in Leeds being the other.
 
John Moore, who has a wealth of experience in this field having worked in it since it was introduced in 2000, said: “Studies show that companies that invest in R & D grow and prosper in increasingly competitive markets.
 
“The UK government is going to great lengths to make sure this happens and has introduced significant incentives for companies involved in R & D activities.
 
“The reliefs apply to much more than traditional scientific research performed by people in white coats and specifically cover experimental development activities in manufacturing and software, amongst others.”
 
The new tax credits mean that for every £1 million spent on qualifying R & D a large company can deduct £1.25 million from taxable income. Small to medium sized enterprises can deduct £1.5 million or claim a cash repayment of up to £240,000.
 
For capital on R & D expenditure there is a 100 per cent immediate deduction available.
 
Mr Moore said: “Cambridge and the surrounding area is recognised as a UK hub for companies carrying out research and development work.
 
“As a team, it is our job to ensure that businesses are aware of and making the most of the benefits that they are eligible for.”