A Birmingham accountant is hosting an event to highlight the cash available for businesses that carry out research and development.

Paul Fenner, a partner at Chantrey Vellacott DFK which has offices in Hagley Road in the city, says companies across the region may not be aware that they could be entitled to claim thousands of pounds of research and development tax credits back from HM Revenue & Customs (HMRC).

A software company based in Oxford managed to claim back as much as £750,000 after learning about the under-utlised tax relief following a seminar held by the top 25 accountancy practice.

Fenner is urging companies actively involved in research and development schemes to investigate if they can also take advantage of the tax relief by attending a breakfast seminar at The Priory Rooms in Bull Street, Birmingham, on Thursday, March 4 at 8.45am.

“Research and development tax credits are unusual as they can provide taxpayers with the opportunity to claim more in tax relief from HMRC than they have actually paid in tax,” said Fenner.

“We have already made successful claims for additional tax refunds and savings for a number of our clients which run into millions of pounds.

“These have been for firms in a mix of sectors, from traditional manufacturing companies to businesses in the bio-tech, pharmaceutical and software development trade and I strongly urge companies to investigate if they could be missing out before it is too late.”

Steven Levine heads up Chantrey Vellacott DFK’s research and development unit and will be the guest speaker on March 4.

He said: “Many firms are completely unaware that they can generate cash through this form of tax relief and also that there is a two year time limit to claim the money back.

“Indeed a software firm which attended one of our last seminars has since claimed back £750,000 it would have missed out on as they had never even contemplated making a claim before.”

Anyone interested in attending the breakfast seminar on March 4, which will last around 45 minutes and is followed by a questions and answers session, can book a place by contacting Paul Fenner at Chantrey Vellacott DFK on 0121 454 4141.