A recent analysis of HMRC data reveals that UK SMEs are missing out on an estimated £47 billion in Research and Development tax relief, with only 6% of those engaged in innovation submitting claims. This trend affects approximately 38,000 businesses, each potentially missing average savings of £70,000. Regional disparities are significant; for instance, Buckinghamshire leads in potential savings but has many eligible companies not claiming. Experts stress the need for improved support and awareness, emphasizing the importance of these tax reliefs for fostering innovation and growth amidst economic challenges.
UK SMEs are currently missing out on up to £47 billion in R&D tax relief due to low claim submission rates, leaving potential savings largely untapped.
Our analysis shows a clear opportunity for UK SMEs to reduce their tax liabilities. These reliefs are crucial for supporting scaling businesses and driving innovation.
Experts stress that more support and awareness are needed to spur innovation and underpin growth for small businesses across the UK.
Despite engaging in innovative activities, fewer than 6% of SMEs submit R&D tax claims, risking significant financial benefits for around 38,000 businesses.
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