{"id":84374,"date":"2017-09-14T11:36:48","date_gmt":"2017-09-14T11:36:48","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=97b59caaccc1cb80d55e969403cfd235"},"modified":"2017-09-14T11:36:48","modified_gmt":"2017-09-14T11:36:48","slug":"news-story-uk-businesses-receive-2-9-billion-boost-to-invest-in-research-and-development","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=84374","title":{"rendered":"News story: UK businesses receive \u00a32.9 billion boost to invest in Research and Development"},"content":{"rendered":"
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British businesses investing in Research and Development (R&D<\/abbr>) received \u00a32.9 billion support from government in the last year, with a particular boost for small businesses, official statistics<\/a> showed today.<\/p>\n

From advanced engineering to life sciences, R&D<\/abbr> tax credits support UK businesses to make the investment they need to innovate so that Britain remains at the cutting edge of technological development. Scientists creating a new artificial bladder system for patients with urinary difficulties, or specialists developing new IT encryption and security techniques, are just two examples of the qualifying R&D<\/abbr>.<\/p>\n

Mel Stride, Financial Secretary to the Treasury and Paymaster General said:<\/p>\n

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From manufacturers to scientists, Britain\u2019s brilliant entrepreneurs are leading the way in technology and innovation.<\/p>\n

We will continue to support these businesses so that they can promote growth across the country and compete in the global economy.<\/p>\n<\/blockquote>\n

The figures also show that R&D<\/abbr> investment by UK businesses is at a record level, demonstrating the positive effect of government support.<\/p>\n

And more than ever before, the scheme has helped small businesses get the boost they need to remain competitive, with claims by small and medium enterprises (SMEs) up by 22% to 21,865, and most of the increase since last year down to first-time SME<\/abbr> applicants.<\/p>\n

For every \u00a31 of government support businesses receive, businesses invest up to \u00a32.35 in the UK economy through R&D<\/abbr>.<\/p>\n

Further Information<\/h2>\n
    \n
  • \n

    Qualifying science and technology research by UK businesses was almost \u00a323 billion in 2015-16, up from \u00a322.1 billion in 2014-2015 and adding a sixth successive year of increased qualifying spending.<\/p>\n<\/li>\n

  • \n

    The \u2018Manufacturing\u2019, \u2018Professional, Scientific and Technical\u2019, and \u2018Information and Communication\u2019 sectors continued to have the greatest volume of claims \u2013 accounting for 73% of tax credit claims.<\/p>\n<\/li>\n

  • \n

    Between 2000-01, when the R&D<\/abbr> tax credit schemes were launched, and 2015-16, over 170,000 claims have been made and almost \u00a316.5 billion in tax relief claimed.<\/p>\n<\/li>\n

  • \n

    Research and Development (R&D<\/abbr>) Tax Credits allow companies to claim an enhanced corporation tax deduction or payable credit on their research and development costs. There are two schemes for claiming R&D<\/abbr> tax credits: The Research & Development Expenditure Credits (RDEC<\/abbr>) and the Small or Medium-sized Enterprise (SME<\/abbr>) scheme.<\/p>\n<\/li>\n

  • \n

    RDEC<\/abbr> was introduced in 2013 to replace a previous scheme for large companies. The RDEC<\/abbr> offers a tax credit which is paid \u201cabove the line\u201d meaning that it has greater visibility in a company\u2019s accounts and provides an immediate benefit to loss makers.<\/p>\n<\/li>\n

  • \n

    The SME<\/abbr> scheme is available to companies with fewer than 500 employees and an annual turnover under \u20ac100m or a balance sheet under \u20ac86m. It offers more generous relief than the RDEC<\/abbr> since small companies find it relatively difficult to undertake and finance R&D<\/abbr>.<\/p>\n<\/li>\n

  • \n

    Including their normal tax deduction, R&D<\/abbr> tax credits effectively reduce the cost of R&D<\/abbr> by 28% for a large company and up to 44% for an SME<\/abbr>.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Mel Stride: \u201cUK businesses are leading the way in technology and innovation\u201d<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/84374"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=84374"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/84374\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=84374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=84374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=84374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}