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Please contact us to discuss how working with Myriad Associates can maximise and secure R&D funding opportunities for your business.
R&D Tax Credit figures recently released by HMRC and compiled by the Office for National Statistics show that during the 2011/12 financial year that almost 10,000 SME’s in the UK successfully made R&D Tax Credit Claims.
That figure is a 49% increase on the number of SME’s who made R&D tax credit claims during the 2008/09 financial year, but remains a fraction of the businesses eligible to make a claim. In 2012, it was estimated that there were 4.8 million businesses in the UK, of which 99% were SME’s and 96% or 4.6 million were micro businesses, employing 0-9 people. It is difficult to estimate how many SME’s are eligible to make a R&D Tax Credit Claim, but whilst the numbers are increasing year on year, there remains many thousands of eligible companies not claiming tax incentives for their innovations.
Since the R&D Tax Credits Scheme was introduced in 2000/01, almost 85,000 claims have been made and over £8 billion of relief has been claimed and remains the largest incentive provided by the Government for investment into Research and Development.
Of the SME’s who successfully made R&D tax credit claims, 2490 (38%) were from the manufacturing sector and 2930 (44%) from the Business Services industry. It is somewhat difficult to further analyse the Business Services data further as the figures are grouped by SIC Codes, but it is likely that software development claims would feature highly in this sector. These two industries alone account for 82% of all SME R&D Tax Credit Claims, a figure which is almost identical to the industry breakdown for the Large Company Scheme.
These two industry sectors stand out from the others as where a majority of the R&D activity occurs, however, R&D Tax Relief is available to all industries.
If your company is involved in any of the following areas or elements of your work match the quote below, you could potentially qualify:-
HMRC R&D Tax Credits Image“Your company or organisation can only claim for R&D Relief if an R&D Project seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty – and not simply an advance in its own state of knowledge or capability” Further details can be found at HMRC R&D Tax Relief Guidance
The team at Myriad Associates takes pride in providing targeted technical expertise and delivering an exceptional level of service. We are proud of our achievements, which include the following:-
Why not give us a call on 01858 414 249 or email us at firstname.lastname@example.org to see how we can help you optimise your R&D Tax Credit claim. We are usually able to determine within a 10 minute telephone call if your development activities qualify for R&D Tax Credits.
The complete Research and Development Tax Credit Statistics Report can be found at HMRC R&D Tax Relief Statistics