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Small and medium-sized businesses (SMBs) are missing out on research and development (R&D) tax credits, according to a new report.
The survey by KPMG found that despite recent efforts by the tax community to raise awareness and encourage SMBs to take advantage of the credits, very few applications are being made.
It was found that only 20 per cent of SMBs felt that they had been made sufficiently aware of the scheme and of that number, less than half had applied.
Simon Jones, senior partner at KPMG's Cardiff office, told the Western Mail: "There are companies in Wales that could be turning their backs on what is effectively free money."
He also warned due to the time it takes to make and process a claim the deadline of March 31st next year may come a lot sooner than businesses might think.
"If companies don't take steps soon to ensure these claims are submitted in time, the opportunity will be lost forever," he said.
Independent research published last month by the Institute of Chartered Accountants in England & Wales suggested that a lack of incentives for smaller companies to participate in R&D credits would continue.
