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12/11/2009
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Despite the wide range of tax relief available, more than two thirds of UK technology companies do not believe the current tax regime fuels enterprise in the UK, according to a report published by PricewaterhouseCoopers.
The report – Enterprising UK 2009 – found that measures introduced in the 2009 Budget are not reaching the majority of the domestic technology industry. In addition, it claims that more than 50% of technology companies have failed to make use of tax R&D credits, while nearly 80% have not taken advantage of environmental relief.
Barry Murphy, the company's UK technology leader, said: "As regards to research and development, the low take up may indicate tech companies do not view what they do as innovative, or are put off by a complex claims process.
"In fact, many UK tech companies assume they are not at the cutting edge of technology and therefore don't apply. But they are actually entitled to that all important relief. UK competitiveness is reliant on innovation and technology [and it's] time for people to review their claims and to tap into as much tax relief as possible. This is particularly important in a tough investment environment."
According to Murphy, more than 90% of companies surveyed also called for a reduction in tax rates. While he admitted this is a common call, he noted the request is allied to the need for simpler systems that are less subject to unexpected change in every PBR and Budget. "Technology leaders are committed to the long term success of the economy," he claimed, "and need stability to enable them to make sensible commercial decisions. They are calling on Government to provide more certainty in the tax regime and regulation more broadly."
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Author
Graham Pitcher
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