Availability of R&D tax relief is far wider than people anticipate

New statistics from HM Revenue & Customs (HMRC) show that there has been a 28% year on year rise in the number of claims for R&D tax credits submitted by companies in the East Midlands in 2017/2018.

Data shows that companies in this region submitted 3,120 claims for R&D tax credits in 2017/2018, an increase from 2,430 reported in 2016/2017.

The total amount of R&D claimed in the UK rose to £4.3bn, an increase of £1bn from the previous year.

Whilst it is very encouraging to see that companies in the East Midlands saw the highest rise in R&D claims across the UK regions, we are still seeing a large number of qualifying businesses that don’t make the most of these hugely valuable claims.

Here at Magma our approach to R&D work and knowledge of HMRC protocol and practices ensures we are able to focus very swiftly on what is ultimately valuable to clients and this is an area where we can really add value.

To discuss R&D in the context of your business please contact a member of our team on Rugby 01788 539000 or Leicester 0116 261 0061.