Mark Tighe, Managing Director of R&D tax relief specialists, RD Tax Solutions, says:
“In today’s tech-driven UK economy, R&D is the new rock n’ roll. The Government is acutely aware that if this country wants to stay competitive globally, R&D is vital, and in this Autumn Statement it has put its money where its mouth is.
“Rapid technology advances have made R&D something that more and more businesses can enter into and commit budget to. In a growing number of sectors companies need to invest in R&D just to stay in the game.
“However, there’s still a wide misconception that R&D tax relief is really only available to giant pharmaceutical companies employing armies of people in white coats.
“In reality, we are securing tax relief on a daily basis for smaller companies ranging from breweries and vets to manufacturing and construction companies.
“While the number of firms spending money on R&D is rising, there’s still a long way to go in raising awareness about the lucrative tax reliefs available. Only a tiny percentage of firms investing in R&D are claiming back the available tax reliefs.”