According to ONS data, 36% of SMEs in the UK are involved in innovation, yet fewer than 6% are utilizing R&D tax relief claims, potentially missing out on substantial savings. The research by Wellers highlights regional differences, with Buckinghamshire showing the highest average savings of £138,000. Despite this, many innovative businesses in areas like Berkshire and Oxfordshire are still not claiming relief. With rising tax burdens post-pandemic, SMEs need to proactively explore tax relief opportunities. Engaging with tax advisors can help navigate complexities, ensuring businesses capitalize on available tax allowances and reduce liabilities effectively.
Despite 36% of SMEs engaging in innovative activities, fewer than 6% are claiming R&D tax relief, risking significant savings.
The research reveals that identified innovative businesses in regions like Buckinghamshire and Berkshire could save substantially in R&D tax claims, yet participation remains low.
Businesses that engage in proactive tax planning can significantly reduce their tax liability, indicating the importance of reviewing R&D qualifying criteria.
Engaging with a specialist tax advisor may help businesses navigate the complexities of R&D tax claims, turning potential savings into actual financial relief.
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