In the regional analysis of the claims made under the SME scheme the South West accounts for nearly 8% of the claims, compared to 19% of the claims in the South East. This equates to £55million in tax relief being claimed by South West companies!! So, although our figures are large, it would be good to increase these if we can.
In the industry sector analysis, manufacturing still leads the way accounting for 30% of all of the claims made, but it is now followed very closely, with 27% of all claims, by the information and communication sector. This is particularly pertinent as it shows that R&D is not only for your "traditional" factory environment-type work, or white-coats discovering new potions, it has firmly moved into the everyday office environment.
All businesses should therefore assess whether they believe that they may be undertaking projects or work which is moving technology or science forwards - the tax reliefs are very generous and well worth a second look! Please add a line - "Discuss R&D" - to your next management meeting agenda!