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More R&D tax relief being claimed by UK firms than ever before

There has been a significant increase in the level of claims being made for tax relief on research and development projects by UK companies.

This increase is seen by many accountants in a very positive light. They, and many others, see it as an indicator of future growth, and a sign that more firms are getting involved in research and development.

It also appears that it is not only larger companies that are taking action. The Director of National Audit, Tax, Advisory and Risk Firm for Crowe UK, Caroline Hunt, said:

“Given that the majority of those companies using R&D tax credits are small and medium-sized enterprises (SMEs), the uptake in the relief used could encourage many innovative businesses to grow and expand and reach their full potential.”

However, not everyone is taking advantage of the funds that are available. Take up rates vary around the country and across the various industries.

As an exmaple, the government paid out just £10m to those involved in the agriculture sector, which is only 1% of the total. At the same time, companies involved in the much smaller quarrying industry received £75m.

Accountants from Spital, Heswall and beyond are working to help their clients to understand how to take advantage of this opportunity. They are helping them to work out the true costs of setting up more research and development within their businesses, as well as assisting them with filling out the necessary paperwork to qualify for the tax relief.

Posted by Mark
October 17, 2018
Research & Statistics

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