Product category:
Finance and Innovation Support
News Release from: Faraday Plastics | Subject: Tax credit opportunities seminar
Edited by the Processingtalk Editorial
Team on 22 January 2004
Shedding light on the R and D tax credit
system
Together with Plastics West Midlands, Faraday Plastics, the UK's plastics research and development centre, has completed some company briefings on the tax credit opportunities available from R and D
Together with Plastics West Midlands, (PWM) Faraday Plastics, the UK's plastics research and development centre, has completed a first round of company briefings on the tax credit opportunities available through research and development activity 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
This article was originally published on Processingtalk on 27 Feb 2004 at 8.00am (UK)
Related stories
Faraday Plastics event with HSE and thermoformers
The UK plastics thermoforming sector met with representatives from the Health and Safety Executive at the end of last month in Thurrock, Essex, as part of a Faraday Plastics facilitated event
Midlands R and D tax credit seminar dates
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
Up to 150 percent of a company research and development expenditure can be set against profitability and the company's tax burden.
Any claim should be made on the company tax return (CT 600) which should be filed with the Inland Revenue within 12 months of the end of the accounting period'.
Faraday Plastics and PWM held three successful seminars on the subject in the West Midlands at the end of last year.
Further reading
Plastics processing innovation at PPE Bradford
This year's Polymer Processing Engineering conference, exhibition and process demonstrations at Bradford on July 5-6 - is a must for the UK plastics industry to attend
Make a date for the UK Polymer Showcase
The best in polymer research and academic excellence will be on show at the 2nd UK Polymer Showcase from September 6-7, 2005 at the Cedar Court Hotel, Wakefield, Yorkshire
Faraday Plastics urges attendance at Innovate 2005
Companies in the plastics and rubber sectors should give their Research and Development a shot in the arm and get to Innovate 2005, in Reading on 22 September 2005
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 50percent of the GBP30,000 - ie GBP15,000 - thus reducing the taxable profit to GBP25,000.
Faraday Plastics is now set to share the method and content of these seminars with five sister Faradays in the chemical and biotech areas and will be leading a similar seminar on the subject in the spring to be held in the North West.
Details will be available from the Faraday Plastics website in due course.
Richard Simpson says 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.
The Government's stated objective is to encourage R and D activity.
It has already committed GBP500 million pounds a year to support the R and D tax relief.
We hope that this measure helps the cause of the R and D as well as the undoubted financial benefit.
Further details of the issue are on our website'.
The approval of the new Faraday Plastics business plan - and funding for the next three years - gives companies renewed opportunity to attract plastics technology development funding and use the knowledge base of the operation.
Since Spring 2003 Faraday Plastics has produced several Technology Road Maps for the plastics sector - on subjects such as low-energy processing, nano-technology, plastics in healthcare, and others.
Faraday Plastics has also boosted its technology translator posts to a complement of seven, and is increasing its outreach work; matching companies to universities.
Lord Sainsbury, Government Minister for Science and Innovation recently paid tribute to the work of Faraday Plastics saying that it had 'already helped add some coherence to the disparate and fragmented activities that are taking place in this sector.
Faraday Plastics has helped facilitate better collaboration between different universities.
And it has helped stimulate new products and processes, new patents, and new start-up companies.
Faraday Plastics has also selected a number of priority areas for the next three years: These are energy; recycling and sustainability; nano and smart materials; healthcare and automotive applications.
• Faraday Plastics: contact details and other news
• Email this article to a colleague
• Register for the free Processingtalk email newsletter
• Processingtalk Home Page
Search the Pro-Talk network of sites
