by Margaret Savory
Tax Consultant
3 October 2017
Taxby Margaret Savory
Tax Consultant
The rise in claims has led to the cost of support, for the SME scheme, going up significantly. Total expenditure for 2015-16 reached an impressive £1.3bn with the greatest volume of claims (73%) coming from the following sectors:
Patent Box claims, however, remain dominated by larger industries and the numbers were not quite as notable as R&D. Nevertheless, there was still an increase in the total number of claims made by SMEs, totalling £6.2m.
Claims for Patent Box relief have risen from 828 companies in 2013-14 to 1,135 companies in 2014-15. Just over a quarter of these (26.9%) were large businesses who claimed £616.6m with the majority of claimants (54.2%) being from the manufacturing sector. SMEs, combined, made up 49.3% of the total, however only claimed £32.9m.
These latest statistics show a rise in the amount of claims being made across the country. The resulting increase in expenditure is not only positive for SMEs but will help to bolster innovation in the UK as a whole. We hope that the numbers continue to grow in the months to come.
Making claims for both R&D and Patent Box relief can prove to be a complex and daunting process, particularly if you are a new claimant; this is where James Cowper Kreston can help. By navigating the complex jargon and providing expert advice we can make the process simple and straightforward, allowing your business to reap the benefits.
To date we have helped our clients claim tax refunds ranging from several thousand to several hundreds of thousands. To find out how we can help you and your business contact us by either making an enquiry or on the details listed above.