"London had 8,900 claims [12,060], with a total cost of £1,025m [£1,475m]. Inner London - East had 2,800 [3,675], Inner London - West 3,990 [5,145], Outer London - East and North East 530 [860], Outer London - South 460 [745] and Outer London - West and North West 1,130 [1,635]. Information & communication led with 4,050 claims [4,925], followed by professional, scientific & technical at 1,590 [2,010] and manufacturing at 760 [1,060]."
"South East England had 5,380 claims [7,830] with a total expenditure of £490m [£695m]. Berkshire, Buckinghamshire and Oxfordshire had 1,840 [2,550], Hampshire and the Isle of Wight 1,065 [1,515], Kent 850 [1,315], and Surrey, East Sussex and West Sussex 1,630 [2,445]. Information & communication led with 1,540 claims [2,100], followed by manufacturing at 1,240 [1,700] and professional, scientific & technical at 1,065 [1,420]."
HMRC figures for 2023-24 show a marked fall in SME R&D tax relief claims across London and South East England. London claims dropped to 8,900 from 12,060, with total cost falling to £1,025m from £1,475m, and Inner London areas accounting for the largest volumes. South East England claims fell to 5,380 from 7,830, with expenditure down to £490m from £695m and county-level declines. Information & communication remained the leading sector, followed by professional, scientific & technical and manufacturing. Reducing benefit levels, tighter compliance rules and high time and cost to make claims are discouraging smaller SMEs and weakening innovation funding that supports the regional economy.
Read at London Business News | Londonlovesbusiness.com
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