SMEs’ 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.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource