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HM Revenue and Customs have published the latest statistics for R&D Tax Credits for the 2014-15 financial year. Once again there has been an overall 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 2014-15 period was 22,445 compared to 18,720 in 2013-14, and 15,700 in 2012-13. In particular the number of claims under the Small and Medium Enterprise (SME) scheme increased from 16,005 in 2013-14 to 18,630 in 2014-15, an increase of 16%. HMRC reports that there was a decrease of 38% in the number of claims under the large company scheme, due to the expected switch over to the new Research and Development Expenditure Credit (RDEC) scheme for larger enterprises. Claims under the RDEC scheme itself rose from £940 million in 2103-14 to £1.1 billion in 2014-15.
As in previous years, the industry sectors with the largest number of claims were ‘Manufacturing’, ‘Professional, Scientific and Technical’, and ‘Information and Communication’, and the regions with the most claims were once again London, the South East and the East of England. The total amount claimed in 2014-15 was £2.45 billion, a rise of 38% compared to the previous year, meaning that since the scheme was introduced in 2001, there have been over 141,000 claims with a cumulative value of £14 billion.
R&D Tax Credits are a powerful way of supporting innovation in the UK economy and are extremely beneficial to companies of all sizes, particularly smaller enterprises, where cash flow can be a critical issue.
R&D Tax Credits can help companies grow and can boost employment in the economy as a whole,” said Barrie. “The continuing increase in the number and value of R&D Tax Credit claims is a welcome development, but we believe that there are still thousands of companies that aren’t claiming what they are entitled to, mainly because they are not well-informed about the scheme. It’s our mission to reach out to those companies and help them benefit from this valuable government incentive
About Myriad Associates
Myriad Associates are leading experts in helping businesses maximise public funding for their research and development activities through R&D Grants and R&D Tax Credits. If you would like to discuss any aspect of R&D grant funding or R&D tax relief please contact us today for a free, no-obligation consultation. We look forward to hearing from you.