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Here is a short video summary of the key findings from HMRC’s annual report on Research and Development Tax Credits dated September 2017:
The statistics relate to the 2015-2016 year and show a promising uptick in claims for R&D tax relief from previous years. This is no doubt due to increasing awareness by first-time claimant companies. Plus repeat claims by those companies already claiming.
Key findings from the HMRC R&D Tax Credit Statistics (2017):
- SME claims rose by 22% to 21,865
- Large company and RDEC scheme claims increased by 5% to 4,385
- Average SME R&D tax claims increased to £61,276 from £56,223 in the previous year
- Manufacturers were the biggest winners claiming 23% of the total amount claimed by SMEs
- London and the South East had the largest claims in both size and volume
These figures are encouraging. But there is still further to go before all of the companies that could claim – do claim. From our experience, the cashflow benefits of R&D tax claims can be significant to a company. It is, therefore, important that all companies give this tax relief some detailed consideration.
You can access the full HMRC analyses and documents here.