The number of SMEs claiming R&D tax incentives has more than doubled; 34,060 made a claim for 2016-17 compared to just 15,585 three years earlier. Are you making the most of the tax breaks for innovation?
As recently as June 2018, research into how UK businesses were responding to the government’s efforts to incentivise innovation through R&D tax credits revealed that up to 55% of eligible SMEs are still not claiming what they’re entitled to. A quarter said they didn’t know what they can claim for, and an estimate of unclaimed relief totalled a staggering £74bn.
According to figures released by HMRC today, UK’s small businesses have rapidly caught up. Last September, there had been 26,255 R&D tax credit claims worth almost £2.5bn. The September 2018 report reveals this has climbed to 39,960 claims worth £3.5bn using a year-on-year comparison.
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