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HMRC has just announced that R&D tax claims have increased by 30% during 2012/13. A record 15,930 companies claimed £1.4bn in Tax Relief. SME’s favoured particularly well with the average R&D tax claim value being £46k. Full details of the statistics can be accessed at the following link Research and Development Tax Credit Statistics.
In contrast, HMRC has recently closed 2 R&D units. The Maidstone and Cambridge R&D units have closed with R&D tax claims being transferred to the remaining 6 R&D units.
We understand from discussions with the R&D units that the volume, value and complexity of R&D claims continues to rise” says Barrie Dowsett, CEO at Myriad Associates “With the closure of 2 R&D units it has never been so important to ensure that R&D claims are submitted on a ‘get it right first time’ approach. This will help to avoid any unecessary delays and impacts on a company’s cash flow.
Last year, we reported similar increases in the total number and value of Research and Development Tax Credit Claims during the 2011/12 accounting period. Whilst it is encouraging that more companies are now claiming R&D Tax Relief, the fact still remains that only a fraction of the those eligible, actually make a claim. A 2013 survey from the Department for Business, Innovation and Skills shows that the number of innovating SME’s is far greater than those claiming R&D Tax Relief.
The 2012/13 financial year saw a change in Research and Development Tax Credit Policy, which in part, was responsible for the greater amount of R&D Tax Relief claimed by SME’s as it created an increase in the rate of enhanced expenditure from 100% to 125%. Since R&D Tax Credits were introduced in 2000/01, over 35,000 companies have claimed more than £9.5bn in Tax Relief.
The Manufacturing and Information & Communications Industries continue to dominate the Research and Development Tax Credit Statistics, however, R&D Tax Relief is available to all companies in all industries. If your company is involved in any of the following areas or falls within the definition below, you could potentially qualify:-
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 Credit Guidance
The Team at Myriad are constantly working to raise awareness of the Research and Development Tax Credit Scheme because it provides a valuable funding solution for innovation. At Myriad, we specialise in R&D Tax Credits, so that you can concentrate on what you do best. Our Team consists of Technical Consultants as well as Qualified Costing Accountants, which allows us to manage your entire claim process and ensures that your team’s time is limited to just 2-3 hours on average. We’re proud of our achievements, which include the following: