This release is the first to incorporate some of the changes made in the R&D relief reforms first announced at the Autumn Statement 2022, and HMRC’s hardline approach that really took hold in 2023.
The biggest headline is that the number of claims has fallen dramatically from the historical high of 86,000 companies claiming in 2021. Latest numbers for 2024 suggest that this has almost halved to 44,065. There are 16,000 fewer companies claiming this year than in the previous year.
As such, we’ve seen SME support has dropped from £4.6bn to £3.1bn, with qualifying R&D expenditure down from £16.2 to £14.5bn this year.
Here at Source Advisors, we know our SME clients are innovating every day, resulting in significant rewards under the R&D tax relief scheme. Unfortunately we don’t see those same companies capturing and commercialising that innovation with an IP strategy or through a patent. The barriers could be:
Source Advisors can help your business optimise the value of your R&D through tax relief schemes, including Research and Development Expenditure Credit (RDEC), the new merged R&D scheme and the Enhanced R&D Intensive Support (ERIS) scheme.
We work with businesses of all sizes to prepare their Patent Box claims, and we see firsthand how the relief fuels further investment in R&D and patent filings.
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As early as March in 2025, it felt like the economy was feeling sorry for itself and that we were in for a bit of
HMRC has now released its latest statistics for the Patent Box scheme, covering changes to the uptake, value, and the demographic of claimants (FY 2023-24).
