Summary of UK R&D Tax Credits Claims - Are companies still missing out on average claims of £60,000+?

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Here are our highlights from the official HMRC stats showing the take-up of R&D tax credits in the UK.

Released in Sept 2017, the figures cover the year 2015-2016 and overall show a decent increase in claims for this generous tax incentive.

The statistics show a promising uptick in claims for R&D tax relief from previous years. This is no doubt due to an increasing awareness by first-time claimant companies plus repeat claims by those companies already claiming.

Key findings from the HMRC R&D Tax Credit Statistics (2017):

• Total number of claims for R&D tax credits increased to 26,255 (a 19% overall increase)
• SME claims rose by 22% to 21,865
• Large company and RDEC scheme claims increased by 5% to 4,385
• Average SME R&D tax claims increased to £61,276 from £56,223 in the previous year
• Manufacturers were the biggest winners claiming 23% of the total amount claimed by SMEs
• London and the South East had the largest claims in both size and volume

These figures are encouraging but there is still further to go before all of the companies that could claim - do claim. From our experience, the cashflow benefits of R&D tax claims can be significant to a company and therefore it is important that all companies give this tax relief some detailed consideration

This video was first posted on ip tax solutions - summary of HMRC R&D Tax Relief Statistics 2015-16

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