The West Midlands, home to the high-tech expertise of the UK's automotive supply chain, is missing out on Government funding of more than £245m every year, according to new figures - money which could be crucial in securing the long-term future of the region's world-beating technology.

The remarkable figures are released as the cream of the automotive sector's advanced technical and scientific talent prepares to gather for the Autosport International show at the NEC in Birmingham next week (January 12-15th 2012).

But while the West Midlands automotive industry is continually creating innovative, world-beating products and spending staggering amounts on developing new technologies, it is missing out on hundreds of millions which it is entitled to claim in research and development tax credits.

These credits, which apply to enterprises which create new and more efficient ways of doing things, were designed by the Government to stimulate innovative activity in manufacturing and technology to maintain the UK's world lead in many sectors.

The motorsport industry is one of those sectors where the annual spend on R&D as a percentage of sales is double that of the pharmaceutical sector. High specification component suppliers in the West Midlands are in the forefront of this development and are a major reason why foreign-owned volume manufacturers establish plants in the UK.

The £245m figure has been calculated by Jumpstart, the UK's leading R&D tax credit specialist, using a complex matrix based on exhaustive surveys it has carried out among SMEs in Scotland, where it is based.

Jumpstart has the UK's biggest concentration of technical analysts, usually qualified to PhD level. Its hybrid analysts have the unusual combination of technical expertise combined with a comprehensive understanding of complex R&D tax credit legislation.

Brian Williamson, director of Jumpstart, said: "The £245m figure is, in fact, conservative, since it is based on current successful R&D tax credit applications to HMRC. However the level of claim is increasing by up to 30% each year, so the headline figure will increase proportionally."

Jumpstart, which is a member of the Motorsport Industry Association, is despatching one of its senior business analysts, engineering specialist Patrick Carr, to the Autosport International show to advise business in the West Midlands automotive supply chain on how best to take advantage of this untapped Government funding.

Patrick, who pointed out that the advanced research carried out in the motorsport sector underpins much of the new technology employed in volume manufacturing, said: "The majority of companies involved in motorsport engineering will have eligibility within their technical processes under existing R&D tax credit schemes. The financial benefit is on the table and it makes sense to take advantage of it.

"Unlike general manufacturing, the key players in motorsport are well aware that what they are doing is cutting edge research. But often engineers who are technically brilliant may not have a clear grasp of the requirements of the legislation. That is where Jumpstart comes in."

Jumpstart, which has an unbeatable 98.6% success rate in HMRC claims, is focused solely on presenting detailed, accurate and compliant submissions to HMRC.

It employs teams with the scientific and technical knowledge to identify and justify eligible projects for R&D submission. It deals directly with the staff involved in development to extract the relevant information which explains why the project meets HMRC criteria for eligibility.

After refining its report in conjunction with key staff, it creates a comprehensive financial schedule which allows HMRC to see exactly how the total claimed is broken down and justified.

After guiding the process through HMRC, Jumpstart secures, almost without fail, a tax benefit for the company in the form of a payable cash credit, a tax rebate, or an enhanced deduction that can be set against future profits.