HMRC have published their latest statistics on the Research and Development claims made by companies on CT600's received on or before the 30th June 2015 - and there is lots of good news!!The number of claims made under the SME R&D scheme ,for financial year 2013/14 is up 23% from financial year 2012/13 and comes in at a total of 16,160 claims for the year. Research and Development credits can come in the form of an enhanced deduction, and therefore a reduction in the corporation tax liability, or they can be a repayable credit should the company be in a loss-making position.
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!
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!
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