HMRC figures released this month show an increase in the number of firms claiming tax credits for R&D.
Each year around 50,000 UK SMEs now receive support from HMRC for their R&D, generating on average £50,000 of benefit straight back to the business.
Whilst for some, R&D tax is old hat – the stats reveal that even small claims are now being submitted and if you have not considered claiming before, now is the time to do so, said Luke Hamm, CEO of GovGrant.
The headline stats are:
- The number of claims by UK SME businesses accessing the tax credits system has increased by 22% between 2016-17 and the previous year,
- 77% of all claims are from SMEs, and there’s been a welcome 15% increase in the number of first time SME applications.
The government is giving more of a boost than ever before to the UK’s most innovative companies, according to the latest statistics. HMRC has provided information on the number of companies claiming research and development (R&D) tax credits and the value of claims for the year 2017-18 so far. There is still time to make a claim, if you think you might qualify contact one of GovGrant’s specialist advisers. Go here.