R&D tax relief claims still increasing
HMRC’s recent statistics show a 12% increase (year on year) in the number of claims for research and development (R&D) tax reliefs in 2014/15 and the level of support provided increasing by 38%.
Companies submitted 22,445 claims in 2014/15,up from 20,000 in 2013-14. This increase was primarily driven by a rise in the number of SME claims, which totalled 18,630 in 2014/15 ( up from 16,005 in 2013/14). The number of claims is different from the number of returns (21,525) as a return can include more than one claim, eg, under different aspects of the relief.
The cost of support for the SME scheme rose by £325m to just over £1bn.
The rise in the number of claims is both a reflection of the increase in R&D spending and increasing awareness of reliefs.
R&D is a generous relief and you should not miss out, just check if you can make a claim.
Date: 13th October, 2016
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