{"id":3260,"date":"2017-12-13T16:31:19","date_gmt":"2017-12-13T16:31:19","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/?p=3260"},"modified":"2017-12-19T12:10:11","modified_gmt":"2017-12-19T12:10:11","slug":"claims-rd-tax-credits-hit-record-high","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/claims-rd-tax-credits-hit-record-high\/","title":{"rendered":"Claims for R&D tax credits hit record high"},"content":{"rendered":"

Research and development (R&D) tax credit claims by small businesses climbed to \u00a31.345 billion in 2015\/16, according to HMRC. <\/strong><\/p>\n

The revenue recently released R&D data for the previous financial year that shows claims increased from \u00a31 billion in 2014\/15 to hit another record high last year.<\/p>\n

The total number of claims for R&D credits in 2015\/16 also rose to 26,225, with SMEs accounting for 21,865 of that figure \u2013 up 22% on 2014\/15.<\/p>\n

R&D tax relief enables businesses carrying out qualifying R&D in their sector to claim an extra corporation tax deduction for certain qualifying expenditure.<\/p>\n

This was the most common way for SMEs to claim R&D tax credits in 2015\/16, with 12,700 claims made by small firms attempting to reduce their corporation tax liability.<\/p>\n

The level of relief available depends on which scheme a business uses.<\/p>\n

The relief a small business can get increased to 230% on their qualifying R&D costs under the SME scheme in April 2015.<\/p>\n

Larger companies can take advantage of the Research and Development Expenditure Credit (RDEC) scheme, which offers a taxable credit at 11% of qualifying R&D expenditure (rising to 12% from 1 January 2018).<\/p>\n

Since the requirement for a minimum R&D expenditure of \u00a310,000 was removed, more businesses meet the criteria to apply for the relief.<\/p>\n

Mel Stride, financial secretary to the Treasury, said:<\/p>\n

\u201cFrom manufacturers to scientists, Britain\u2019s brilliant entrepreneurs are leading the way in technology and innovation.<\/p>\n

\u201cWe will continue to support these businesses so they can promote growth across the country and compete in the global economy.\u201d<\/p>\n

Our team of experts can advise on R&D. Speak to a member of our team today by calling us on 0161 832 4451 or via email on info@jackross.co.uk.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Research and development (R&D) tax credit claims by small businesses climbed to \u00a31.345 billion in 2015\/16, according to HMRC. The revenue recently released R&D data for the previous financial year that shows claims increased from \u00a31 billion in 2014\/15 to hit another record high last year. The total number of claims for R&D credits in… Read More »Claims for R&D tax credits hit record high<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":3268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[5],"tags":[190,27,189,111],"yoast_head":"\nClaims for R&D tax credits hit record high - Manchester Chartered Accountants<\/title>\n<meta name=\"description\" content=\"Research and development (R&D) tax credit claims by small businesses climbed to \u00a31.345 billion in 2015\/16, according to HMRC. 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