Top 40 accountants Bishop Fleming have secured more than £66m in Research & Development tax credits for business in the region over the past year.

R&D applies to a wide range of businesses, not just those who wear white coats in labs.

Bishop Fleming's Tax Partner, Chris Walklett, explained: "It has taken 17 years for most businesses to recognise the potential to save £thousands in tax by benefiting from the R&D tax credits formula, but we are now helping hundreds of companies to grab that opportunity.”

In total, Bishop Fleming has secured over £200m in R&D relief over the past six years.

"Qualifying for those tax benefits is not restricted to having white-coat scientists: indeed, some accountancy firms are applying for R&D tax credits for their own investment in new technology systems," said Mr Walklett.

He added: "Nationwide, there has been a massive increase in small and medium sized companies applying for the tax relief on their investments in Research & Development. That relief has been available for 17 years, so it is significant that it has only recently been taken up by more businesses.”

The Bishop Fleming partner commented: “I also expect to see an eventual recognition of the ‘Patent Box' tax benefit which enables companies to reduce their tax on profits from UK developed patented products and services."

"Any business which has a patented product, process, or component should look to grab the huge tax-saving for which they may already qualify, particularly now the government has made even more money available," said Mr Walklett.