Saturday 19th October 2019
Home General Business News

General Business

Surge in R&D tax relief claims in the region bodes well for investment

Figures pointing to an encouraging rise in research and development in the region have emerged in statistics showing a 22 per cent rise in claims for R&D tax credits in the East of England over 2017/18. HMRC statistics show firms in the region submitted 4,710 claims for tax credits, up from 3,870 previously.

Meanwhile, the level of support rose by 41 per cent. The improvement was in line the national trend; across the UK, the amount of R&D support claimed rose to £4.3bn, a rise of £1bn from the previous year. First introduced in 2000, R&D tax credits act to encourage greater R&D spending and innovation and cut a company’s tax bill by an additional amount. Over time, the rate of relief has become more generous and is now worth up to 230 per cent for SMEs.

Today, just over 40 per cent of claims are made by companies less than 10 years old. Sheetal Sanghvi, RSM's regional head of R&D tax, said: “It's very encouraging to see R&D claims from East of England companies rising so significantly. While much is uncertain as we move towards the next deadline in the Brexit saga, enhancing the R&D scheme would be an obvious lever available to the government to try and boost the UK economy post Brexit, particularly if state aid constraints no longer applied.”

Last Updated ( Wednesday, 16 October 2019 09:43 )


Confidence improves amongst firms with ‘positive mindset’

Companies in the East of England appear to have been largely unfazed by the recent political upheaval with confidence in their own business prospects rising to 17 per c...

Construction firms warned to plan for potential shocks from no deal Brexit

Construction firms warned to plan for potential shocks from no deal Brexit

The region’s construction sector has been urged to have robust plans in place after a warning about the impact a no deal Brexit could have on its workforce. At a co...

Boost to region's trade from surge in exports to North America

Strong growth in overseas sales to North America and new markets in Latin America and the Caribbean have given the region's exporters a shot in the arm. Exports from the...

Farming business with 100 year history sold to investment group

Strutt & Parker (Farms), one of the region's oldest diversified farming businesses which operates across Suffolk, Essex and Cambs, has been sold to Robigus, a farm and ...

  • «
  •  Start 
  •  Prev 
  •  1 
  •  2 
  •  3 
  •  4 
  •  5 
  •  6 
  •  7 
  •  8 
  •  9 
  •  10 
  •  Next 
  •  End 
  • »
Page 1 of 59