R&D Tax Relief Claims rise again

HMRC has today published its most recent R&D tax relief statistics and they continue to show a positive upward trend.

The stats are up to the 2013-14 tax year and include RDEC for the first time (the replacement to the Large company scheme).

Since the introduction of the relief in 2000, almost 120,000 companies have made claims and £11.4bn in tax relief has been claimed. 33,800 companies have claimed the SME relief and 7,800 have claimed under the Large scheme.

Turning specifically to the 2013-14 data, 20,100 claims were made, with a 23% increase in claims by SMEs. £1.75bn of tax support was obtained on qualifying costs of £14.3bn.

As expected, the sectors that dominate claims are "manufacturing", "professional, scientific and technical" and "IT and communications", which combined make up 81% of claims by value and 76% by number.

10,470 SME claims were to reduce tax and 2,810 claims were for cash-back (loss making companies). 660 SMEs claimed under the Large scheme as subcontractors.

In our geographical regions, the North East made 675 claims claiming £40m relief, the North West made 1,905 claims for £105m relief, Yorkshire & Humber made 1,315 claims claiming £55m relief and Scotland made 1,045 claims for £55m relief.

Although the upward trend is great news, there are undoubtedly many companies still failing to claim or maximise their claim.

We have been making claims since 2000 and have a strong reputation in doing so. Our dedicated website contains further information and testimonials.

If you like this article and would like our FREE updates sent straight to your inbox then subscribe to our monthly newsletter

Subscribe

Get in touch

To find out more about how we can help you or your business, call us on 0808 144 5575 and speak to a member of our team. Alternatively use our contact form to send us a message or arrange a callback.

CALL 0808 144 5575

or

Contact Us

All content © 2015 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.

Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson Accountants, Business & Financial Advisers is a trading style of Armstrong Watson LLP. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.

Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales No. 8800970. Registered office: 15 Victoria Place, Carlisle, CA1 1EW

Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales No. 7208672. Armstrong Watson Financial Planning & Wealth Management is a trading name of Armstrong Watson Financial Planning Limited. Registered Office: 15 Victoria Place, Carlisle, CA1 1EW