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The total amount claimed increased by 19% last year.
HMRC has revealed a 19% year-on-year rise in the number of claims for research and development (R&D) tax credits submitted by companies in 2015-16.
The latest data shows that companies submitted 26 255 claims for R&D tax credits in the period up from 22 445 in 2014-15. Total claims rose to £2.9bn an increase of £470m from the previous year. Around £1.3bn of these were made by small businesses up by one-third on the total in 2014-15.
The total value of R&D expenditure against which claims were made was £22.9bn in 2015-16 an increase of 4% from the previous year.
Steven Levine partner at Moore Stephens said: ‘It is encouraging that SMEs are making more use of R&D tax credits but it would be great to see better take-up outside London and the South East. Moreover many large businesses remain more attracted...
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