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The statistics on the take up of R&D Tax Credits up to 2013-14, published by HM Revenue and Customs earlier this month, make interesting reading. They show a continued increase in the number of tax relief claims submitted, as well as in the overall total amount of relief claimed.
The total number of claims in the 2013-14 tax year was 18,720, compared to 15,700 in the previous year, an increase of over 19%. The total amount of R&D Tax Relief granted was £1.75 billion. The statistics reveal that although the number of claims from small and medium sized enterprises (SMEs) is far larger than the number submitted by large companies (16,160 claims from SMEs, compared to 3,950 claims from large companies) SMEs received far less in tax relief (£800 million for SMEs but £960 million for large companies).
Barrie Dowsett, MD of Myriad Associates, welcomed the overall increase in both the number and value of R&D Tax Credits claims reported by HMRC. “The number of small and medium sized enterprises (SMEs) claiming R&D Tax Credits is still very small, however,” he added. “The potential number of SMEs in the UK that could be taking advantage of this important concession probably runs into the hundreds of thousands. Myriad Associates is dedicated to helping SMEs successfully claim the R&D Tax Credits they are entitled to.”
The HMRC statistics revealed which industry sectors, submitted the highest numbers of claims. The Manufacturing sector accounted for approximately 30%, the Information and Communication sector 26%, and the Professional, Scientific, and Technical sector 19% of all claims submitted. The statistics also showed that over 36% of R&D claims were submitted by companies from London and the South East. “The unbalanced distribution of these claims between different sectors and regions shown in these statistics indicates that companies in all industry sectors, and in all parts of the UK, should really be actively considering the eligibility of their R&D activities for R&D Tax Credits,” said Barrie, “and at Myriad Associates we are ready to help.”