Have you claimed your R&D Tax Relief?
HMRC has recently published figures on R&D tax credit claims that show that the total number of claims for R&D tax credits rose to 62,095, an increase of 17% from 2016-17.
Research and Development (R&D) relief supports companies that work on innovative projects in science and technology. It can be claimed by a range of companies that seek to research or develop an advance in their field which can also be claimed on unsuccessful projects.
The majority of claims come from manufacturing companies, followed closely by information/communication companies and those companies within the professional/scientific/technical sector. The 17% increase was primarily driven by a rise in the number of SME claims.
With the impacts of Covid-19 and Brexit, many businesses could benefit from a potential cash boost by claiming R&D tax relief.