The statistics published by HMRC for 2021-22 are provisional and have been uplifted to include estimates for claims not yet received.
Scientific research and development, including pharmaceutical and biotech activity, are more obvious examples of businesses that have R&D at the core.
We find qualifying R&D expenditure in the development of new or alternative materials, product development including trials or prototypes through to full scale production batches and the development of new or improved diagnostical tools with better sensitivity, range or accuracy.
We often find that companies need to innovate in response to changes in health, safety and environmental legislation.
This sector includes the following types of business.
Yes, professional, scientific and technical companies can claim under either scheme depending on their size and other deciding factors. Of the R&D tax relief claims made in 2021-22 so far, 83% of them were under the SME scheme equating to 62% of the value claimed.
Yes, professional, scientific and technical companies that have already claimed R&D tax credits might find that they could claim even more by applying for corporate tax under the Patent Box scheme. In 2021-22, so far, only 125 companies elected into Patent Box, claiming £222 million in benefit.
Industry: Electronic Engineering