Help for SMEs in claiming R&D tax credits

News Article - 02 November 2006
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Small and medium-sized enterprises are to be given more help in furthering their research and development (R&D) strategies by HM Revenue and Customs (HMRC) and the Department for Trade and Industry.

A new network of tax credits units is to be opened by HMRC which will allow SMEs to claim money back for carrying out R&D as well as providing them with support and guidance.

John Healey, financial secretary to the Treasury said: "R&D tax credits are playing a crucial role in encouraging innovation in UK businesses with more than £1.8 billion having already been claimed, since April 2000.

"We are keen to build on this success and by setting up these units with 70 officers to specialise in R&D claims, both HMRC and companies will benefit from the pooling of skills, expertise and experience."

Alongside the units, which are to be set up across the country in places including Cambridge, Manchester and Cardiff, brochures will be published entitled R&D tax credits – what's in it for you? which documents companies' experiences of claiming tax credits.

According to HMRC, the units will work to increase awareness of R&D tax reliefs among companies and organisations.

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