ICAEW Economia: SMEs owed £84bn in R&D tax relief

Date: January 23, 2018

The Treasury owes Britain’s small businesses more than £84bn in backdated research and development (R&D) tax relief

At present, around 3.5 million small businesses are actively trading in the UK, more than half (57%) eligible for tax credits on R&D, research from tax relief specialist Catax revealed.

Only around 1% of small businesses have claimed the relief, meaning approximately 1.96 million SMEs are owed money.

Catax estimated that chancellor Philip Hammond was sitting on an “SME war chest” worth £84.5bn – almost twice the annual budget of the Ministry of Defence, and enough to run the NHS for eight months.

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