R&D Tax Credits is a tax relief scheme managed by HMRC aimed at boosting business innovation and intellectual property. The latest annual report published by the HMRC revealed that the number of SMEs claiming R&D Tax Credits has doubled from 15,585 in 2013-14 to 34,060 in and 2016-17.
This is good news for all SME businesses and start-ups focusing on innovation. If you haven’t tapped into the R&D Tax Credit scheme then you might be missing out.
Increase in R&D tax credit claims
The HMRC numbers show that overall R&D tax credit claims have hit a new high of 39,960 R&D claims for 2016-17, up by over 50% from the previous year. This translates to £3.5bn of R&D tax relief support claimed in 2016-17, based on £24.9bn of qualifying expenditure. And these figures are expected to increase as more companies benefit from the R&D tax relief claim for future innovations across the UK.
Find out if your company is eligible for a claim by taking our free R&D Tax Credits healthcheck.
After completing this step by step assessment, you’ll receive an email indicating that your company qualifies for R&D Tax Credits and the next steps in the claim process.
More investment in research and development
The UK Government, through the Research and Development Expenditure Credits (RDEC) Scheme and the Small and Medium-sized Enterprise (SME) Scheme, is enabling more firms to reduce costs of production and become more competitive.
More SME claims
The government continues to work towards providing more resources to support UK business innovation. The ingoing increase in qualifying claims clearly shows more and more SMEs are benefiting from these schemes. This is great news for those involved, if you haven’t considered applying for any schemes that can help to significantly benefit your business, then you’re missing out.
If you believe your business may be eligible for an R&D Tax Credits claim, get in touch with the EFM team. Email or call 01582 516300 to set up your free one-hour consultation.