HMRC's specialist Research & Development (R&D) units across the UK made cash payments totalling £150 million to local innovative science and technology companies in the last year.
The units, which are based in Cardiff, Southampton, Maidstone, Manchester, Cambridge, Leicester and Croydon, have dealt with almost 5,000 claims in the last 12 months. The figures are published on the first anniversary of the specialist units.
Some of the industries that have received support include: computer games, sports cars, artificial intelligence, manufacturing, cheese making, cell research, food testing, plant breeding and machine safety.
HMRC's Head of R&D Tax Credits Jeremy Sherwood said:
"This is an incredible result in one year. HMRC's R&D Units are keen to help business and innovation to grow throughout the UK. They help support small and medium sized businesses across all business sectors to make successful tax credit claims.
"We are very pleased that so many companies have approached us to find out whether they are eligible for funding. Our R&D teams regularly visit companies at their premises and help them to ensure they do not miss out on R&D tax credits.
"We always look forward to hearing from any company in science and technology with innovative ideas who have not yet thought of funding through R&D Tax Credits."
Research and development tax credits are a company tax relief which can either reduce a company's tax bill or, for some small or medium sized companies, provide a cash sum. The aim of the tax credits is to encourage greater R&D spending in order to promote investment in scientific or technical innovation. The R&D tax credit works by allowing companies to deduct up to 150% of qualifying expenditure on R&D activities when calculating their profit for tax purposes. Small or medium companies can, in certain circumstances, surrender this tax relief to claim payable tax credits in cash from HMRC.
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