Last October, we reported on the 22% increase in the number of claims for Research and Development (R&D) Tax Credits between 2015/16 and 2017/18. The most recent figures tell us that the growth in R&D tax relief claims has increased by 35% annually since the scheme started way back in 2001 and last year it reached a total of over £4bn.
Despite this, industry experts believe the scheme is STILL not fully utilised. To put the value of this in context, a recent study has shown that the £4+bn that was claimed across all R&D tax credit schemes to date is equivalent to paying the UK average salary (just over £24K) for around 178,000 employees. Which makes us wonder – how many more employees could you afford if you were able to benefit from this scheme?
M&S Accountancy and Taxation Ltd is highly experienced in advising and assisting with R&D services which have resulted in significant tax reliefs being secured for our clients. Indeed, we published a detailed article on R&D on our website only last year.
If you think Research and Development Tax Credit is something your business might be able to claim, please get in touch. We'd be glad to help.
Julie Downie, Accounts Manager