HMRC R&D Tax Credits Statistics 2023: Key Findings

What Do HMRC 2023 R&D Tax Credits Statistics Tell Us?

HM Revenue and Customs’ (HMRC’s) Research and Development Tax Credits Statistics: September 2023, for the financial year 2021-22, were released on 28 September 2023, presenting detailed information on the provisional estimated amount of research and development (R&D) tax relief claimed for across all sectors and regions during the tax year.

Key Findings:

Ryan’s Expert Opinion

“Whilst the number of R&D tax relief claimants has, once again, risen, the number of first-time claimants continues to fall. The challenges faced with R&D tax relief claims with the extra compliance and the approaches taken by HMRC denying claims, by using Google searches and not engaging with the claimant company to understand the projects, is having a detrimental impact on the relief. It is ironic that HMRC measures R&D claims by SIC code, admitting SIC code is not a realistic method, yet it targets its compliance checks using this exact method.

“There are concerns that the relief is now being steered mainly towards larger corporations, and the backbone of the UK economy, the SME companies, will stop undertaking R&D due to the harsh treatment they are receiving from HMRC and the loss in the value of the relief.”

Nigel Holmes, FCA CTA
Director, Research and Development, Ryan

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