Product category:
Engineering Seminars
News Release from: Faraday Plastics
Edited by the Engineeringtalk Editorial
Team on 12 March 2004
Seminars explain benefits of R and D tax
credits
Together with Plastics West Midlands (PWM), Faraday Plastics is holding two further meetings on the tax credit opportunities available through company research and development activity.
Together with Plastics West Midlands (PWM), Faraday Plastics, the UK's plastics research and development centre, is holding two further meetings on the tax credit opportunities available through company research and development activity 'Getting the tax man to pay for your R and D' will be held at the International Manufacturing Centre, Warwick University, on Monday March 22 and at the Photonics Cluster, Aston Science Park Birmingham on Friday March 26
This article was originally published on Engineeringtalk on 28 Sep 2004 at 8.00am (UK)
Related stories
CAE technology conference attracts big guns
This year's Altair Technology Conference will take place on 2nd November at the Heritage Motor Centre, Gaydon.
Jargon buster cuts through the ATEX jungle
ABB has published an "ATEX jargon buster" that helps motor users cut through the jungle of terms and definitions that make up the new ATEX Directives.
Early booking is advised and a cost of GBP15.00 is charged to cover costs.
Faraday Plastics director Richard Simpson says that "judging by the feedback received at our seminars to date, this is an area where most plastics processors have not been well advised by their accountants.
"Up to 150% of a company's research and development expenditure can be set against profitability and the company's tax burden".
Faraday Plastics and PWM held three successful seminars on the subject in the West Midlands at the end of last year.
As part of these events, spokesmen from accountancy firms and from the Inland Revenue outlined the criteria for tax relief eligibility.
A worked example given was the case of an SME company which makes an annual pre-tax profit of GBP40,000.
The accounts include GBP30,000 expenditure on qualifying R and D.
The Tax Credits provide an additional relief of 50% of the GBP30,000 - ie GBP15,000 - thus reducing the taxable profit to GBP25,000.
Richard Simpson adds that "it is vital that the company accountants and financiers in our polymer companies are aware of research and development as a credit note and as a positive issue in the reckoning and balancing of the business".
• Faraday Plastics: contact details and other news
• Email this article to a colleague
• Register for the free Engineeringtalk email newsletter
• Engineeringtalk Home Page
Search the Pro-Talk network of sites
