Between 2001 and 2015 more than 141,000 Research & Development (R&D) claims were made, resulting in tax relief of £14 billion. According to an article in The Times, in 2015, following enhancements to the tax relief on offer, there were 18,630 claims from SMEs, up from 16,005 in the previous year.
Whilst many of the businesses profiled explain that they had not expected to qualify for the relief, they were pleasantly surprised when they found out how broadly the term 'development of new products and services' could be interpreted.
These statistics clearly indicate that, whilst R&D tax credits are encouraging businesses to innovate and progress, a lack of awareness and understanding could be preventing SMEs from claiming.
Having helped many businesses across a variety of sectors make significant claims when some were previously unaware they could, we know first hand how important the R&D tax credit scheme is in encouraging innovation and increased spending on research and development activities by companies operating in the UK.
Whilst the rules can be complex, our Beavis Morgan team of R&D experts can maximise the value of any potential claim. Speak to us today to set the benefits in motion. Our proven methodology offers a painless approach towards obtaining R&D tax credits.
For further information, contact Steve Govey or your usual Beavis Morgan Partner.
Further reading:
R&D Tax Credits – Why thousands of businesses are missing out