Are you aware of UK research and development tax breaks?
UK businesses have often been leaders in research and development but many business owners have never claimed tax breaks known as tax credits for this purpose, with many unaware of their existence. A recent survey has shown that many small businesses and consultants are unaware of tax breaks which are available to them for research and development. The business owners that have claimed tax breaks for research and development have stated on record that the tax breaks offered have allowed them to innovate their business, hire more staff and keep their R&D within the UK.
According to the HMRC website; Over 28,500 companies had claimed research and development tax breaks via tax credits under the Small and Medium-sized enterprise (SME) scheme. This evaluation estimates that for every pound spent on R&D tax credits, between £1.53 and £2.35 is additionally spent on R&D by UK companies. The results are in line with previous international studies, which have found tax credits stimulate from around 0.3 to around 3 times their value in R&D investment.
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