Research & Development Claims on the up from Small Businesses
Businesses claimed almost £3 billion in tax relief on Research and Development (R&D) in the last year, official statistics reported. But many companies are still missing out. Is your company?
The latest figures show that almost 22,000 small and medium-sized enterprises (SMEs) made R&D tax relief claims last year. Many of these were first-time claimants.
Since the R&D tax credit scheme was introduced in 2000-01, over £16.5 billion of tax relief has been claimed. So the tax savings generated from a claim can be significant.
Craig Walker, Senior Tax Manager at Hawsons commented: “Claims for R&D tax relief are often overlooked by businesses. It’s good to see that claims are on the increase, especially from small companies. I would urge all companies to consider if they are eligible to make a claim”.
Am I eligible?
Many companies carry out eligible R&D activities without realising that this work qualifies for relief.
R&D tax incentives are not just for niche sectors – eligible companies can be in any sector, any size, and even be loss-making. A common misconception is that R&D incentives are only for those who undertake scientific research in a laboratory, but this is certainly not the case.
How we can help
We have extensive experience of making successful R&D tax relief claims. If you would like to discuss whether your company may be eligible to claim R&D relief, please get in touch with us.
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Tax Partner, Sheffield