TaxCorporate TaxSMEs’ research and development credit claims increase

SMEs' research and development credit claims increase

HM Revenue and Customs figures show more SMEs are applying for R&D tax credits

THE NUMBER of small and medium sized enterprises claiming research and development tax credits grew by more than 10% in 2009/10, figures have shown.

The figures, released by HM Revenue & Customs, showed that there were 7,410 claims from SMEs for R&D credits and deductions in 2009/10, compared with 6,680 in 2008/09, a rise of almost 11%. The number of SMEs applying for payable credits increased from 580 to 890, while 4,780 SMEs claimed deductions from their corporation tax liabilities – up 600 from the previous year.

The number of claims from large companies remained the same – 2,280 this year, compared with 2,250 in 2009/10.

Cathy Corns, a partner at Mercer & Hole, suggested this could be indicative of more awareness about the scheme.

But she added there is some concern that the number of claims represented such a small percentage of the number of SMEs in the UK as a whole. The latest estimates from the Department for Business, Enterprise and Skills, published this month, showed there were 4,536,445 businesses in the UK with fewer than 250 employees.

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

4m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

4m Alia Shoaib, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

8m Emma Smith, Managing Editor
OTS report: Corporation tax should follow accounts

Corporate Tax OTS report: Corporation tax should follow accounts

10m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

11m Emma Smith, Managing Editor
Spring Budget 2017: Making Tax Digital

Business Regulation Spring Budget 2017: Making Tax Digital

1y Shereen Ali, Deputy Editor
Tax fraud loses HMRC £16bn

Corporate Tax Tax fraud loses HMRC £16bn

1y Emma Smith, Managing Editor