2015 HMRC R & D Report

HMRC published their 2015 R & D report today which shows an incredible uplift in the number of claims being filed validly to over 20,000, breaking the previous year’s similar record uplift by more than 5,000. The new high of 20,100 claims represents an ‘across the board’ uplift from a range of business types, including deep pharma and technology as well as manufacturing and industry wide R & D activity.
Maria Kitt, Partner Tax Insight UK says: The report is very welcome to innovative companies and HMRC are clearly engaging with the science and tech community as well as diverse industry sectors to promote innovation. We have yet to see the impact of the newly uplifted SME reliefs and uplifted SME tax credit breaks in the numbers which paint the picture up to April 2014. Watch this space!