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R&D Tax Credits in 2016-17.
Companies submitted 39 960 claims for research and development (R&D) tax credits in 2016-17 up from 26 255 in 2015-16 according to HMRC data. Relief worth some £3.5bn was claimed an increase of £575m on the previous year. This corresponds to £24.9bn of R&D expenditure.
The manufacturing professional scientific and technical and information and communications sectors produced most claims. They made 71% of all claims representing 75% of the relief sought in 2016-17.
Welcoming the figures James Tetley partner and national head of R&D at RSM said they also highlighted the ‘operational pressure that HMRC faces in processing and risk assessing these claims ensuring the right companies make claims but also that they are processed in a timely manner’.
He said: ‘In the past 12 months both through practical experience as agents but also through discussions with...
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