R&D tax relief claims see a rapid increase

Newly released statistics from HMRC show that businesses are rapidly taking up the incentive to claim for R&D tax credits. In 2015-16, claims increased by 25 per cent, with a whopping £3.7bn being claimed by large and small companies across the nation.

Further, the latest figures from HMRC show that 39,960 claims have been made for 2016-17 – a significant increase compared to the 26,255 that were reported for 2015-16 at the same time last year. Small and medium-sized businesses in particular are taking advantage of the relief, with 34,060 having claimed in 2016-17 compared to just 15,585 in 2013-14.

This is great news for the UK’s economy – it shows that organisations are continuing to invest in research and development, keeping us at the forefront of innovation.

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The majority of claims, however, have come from only three … READ MORE ...