According to HMRC’s report, “the ‘Manufacturing’, ‘Professional, Scientific and Technical’, and Information and Communication sectors continued to have the greatest volume of claims for tax credits from HMRC, making up a total of 71% of claims and 75% of the total amount claimed in any tax year.”
“Mark Tighe, CEO of Tax Relief Specialists for Catax, pointed out that the “Government is aware that Britain has a global reputation for innovation and so is actively trying to encourage firms of all sizes to invest in R&D.”
Caroline Hunt, Director at National Audit, Tax, Advisory and Risk Firm for Crowe UK, said: “Given that the majority of those companies using R&D tax credits are small and medium-sized enterprises (SMEs), the uptake in the relief used could encourage many innovative businesses to grow and expand and reach their full potential.”
For 2016-17, 39,960 R&D tax credit claims were made. 34,060 of these are in the SME R&D scheme, and yet there are still more claims to come as submissions remain open.” (Accountancy Age, 2018)
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