We look at the latest statistics and insights from HMRC which provide a comprehensive overview of R&D tax credit claims for the tax year 2021 to 2022. We explore the increasing financial support, the shifting landscape of claims, regional and sectoral analysis, and the implications of these findings on businesses and the broader economic landscape.
HMRC note that the publication is based on provisional data, and figures may be revised in the future to account for late claims. Additionally, changes in R&D relief rates and their potential impact on claim amounts. The next release of statistics is planned for Autumn 2024.
This latest data from HMRC shines a spotlight on the remarkable role of R&D tax relief in fueling innovation and economic vibrancy. As businesses adapt and thrive in evolving landscapes, embracing these incentives is a strategic boon. The surge in R&D claims and investment, complemented by shifts in regional and sectoral dynamics, paints an inspiring picture of the UK's innovation prowess. It is strange that with all of the recent focus on fraud prevention, HMRC failed to provide any statistics in this area, however, with promising changes on the horizon, businesses are poised to seize even greater opportunities.
Looking forward, R&D tax relief continues to be a beacon of optimism, ushering in a future where innovation propels us toward unprecedented prosperity and success
Every customer and every claim we work with benefits from our deep expertise in how HMRC manages R&D tax credit applications.