SMEs miss tax credits
SME businesses are not taking advantage of the research and development tax credits system, accordin...
SME businesses are not taking advantage of the research and development tax credits system, according to business adviser Grant Thornton. R&D credits are designed to encourage greater R&D spending in order to promote investment in innovation.
Since 2001, R&D tax credits have provided an estimated £1.76bn in funding towards R&D undertaken by firms in the UK through tax breaks or cash claims, according to Grant Thornton.
Sarika Patel, head of technology at Grant Thornton, said that current R&D
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