HMRC Scheme continues to boost UK innovation
HMRC Research and Development Tax Credit Statistics released today (27.09.18) have highlighted the continued success of the scheme as it looks set to increase on last year’s figures for both total claims submitted and total value.
With 39,960 R&D tax credit claims to date for 2016-17 and a claim value of £3.5bn, it’s on track to exceed last year’s total of 43,040 claims and £3.7bn value. The total value of R&D expenditure against which claims have so far been made is £24.9bn, compared to the full year results for2015-16 of £28.9bn.
Mike Price Director, MPA
It is clear that the popularity of the R&D Tax Credit scheme remains strong. The scheme has seen over £21bn in tax relief claimed back since launch in 2000-01 to support innovative businesses of all sizes. All metrics such as the number of claims made and the total value of funds are moving in a positive direction and we look forward to working with our clients to present compelling cases so we can maintain our 100% acceptance rate and help ambitious companies grow.
R&D tax credits have undoubtedly increased in value amongst small and growing companies who are using reclaimed funds to reinvest into their business. Of the 39,960 claims made so far this reporting year 34,060 have been submitted by SMEs. The manufacturing, professional, scientific & technical and information and communication sectors have continued to submit the highest volume of claims, accounting for 71% of all claims and 75% of the total amount claimed.
As returns for the latest financial year reported (2016-17) can still be submitted, data released today does not represent the final figures. These are, however, expected to be revised upwards.
An extended version of this article will be published next week.