Luvo Financial has launched a free service for local businesses that will help them identify if they are eligible for significant financial support from the government’s R&D Tax Credits scheme.

Luvo specialises in advising and supporting businesses with R&D Tax relief, and has launched the free service to help local companies identify whether their service or product development work is eligible for government financial support.

The new service covers a free, no-obligation, one-hour consultation with one of Luvo’s qualified advisers and R&D Tax experts, who will advise them if they have a legitimate, valid case to claim.

“R&D Tax Credits are a valuable government tax incentive for limited companies who invest time and money into developing new products, processes and services, or significantly enhancing existing ones,” explains Luvo Partner Ian Batkin.  

“The average R&D tax credit payment is around £60,000, but thousands of eligible local businesses are simply missing out on this valuable financial credit or tax relief.

“From our work with small and medium sized private and family owned firms across the West Midlands, we know that the main barrier for them in pursuing a claim is that they simply don’t know the kind of work that qualifies for R&D Tax Credits, and in turn, whether their business would be eligible. Often, businesses believe that R&D is only for lab-based development work, but in reality, this type of work is only one part of the activity that qualifies for R&D Tax Credits.”

95 percent of eligible businesses haven’t claimed

Partner and Luvo co-founder Vicki White, adds: “According to government statistics, in the region of 95 percent of eligible businesses haven’t claimed the R&D Tax Credits they are likely to be entitled to. This is why our team is working hard to improve awareness and understanding of the R&D Tax Credit scheme, and our new service is the latest step in this campaign.

“Luvo is a reputable firm that works only with businesses that are eligible for R&D Tax claims or relief, as well as Patent Box, and as such will only support the most valid of claims. We are proud of our 100 percent success record in making R&D Tax claims for clients, and will always advise companies of their activity is eligible for R&D Tax claims, or not.”

For more information about R&D Tax Credits, R&D Tax Relief and Patent Box, visit: www.luvofinancial.co.uk and contact Luvo Financial on Tel: 01902 244210, E: enquiries@luvofinancial.co.uk to book an initial, free, one-hour consultation with a member of the team.