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HMRC R&D tax credits statistics 2024 – our commentary

HMRC has provided information on the number of companies claiming research and development (R&D) tax credits and the value of projected claims for the year 2022-23.

Key points to show the value of this opportunity to innovative business in the UK

Source HMRC R&D tax credits statistics 2024

Claims since the schemes began

Over 710,000 claims since schemes began

Projected R&D claims 2022-2023 compared to the previous year

Companies have a period of one year to submit returns after the end of the accounting period and another year to amend or withdraw a claim. The statistics published here for 2022-23 are provisional and have been uplifted to include estimates for claims not yet received. Revisions are expected in next year’s publication.

Claims in the tax year 2022-2023 projected

50% total amount claimed

The Information & Communication, Manufacturing, and Professional, Scientific & Technical sectors continued to have the greatest volume of claims, making up a total of 66% of claims and 70% of the total amount claimed.

R&D claims are concentrated in companies with a registered office in London and the South East with 38% of all claims and 50% of the total amount claimed.

To date £62.74bn in tax relief has been claimed through these schemes.

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. Our IP services including Patent Box, identify commercial opportunities in your IP.

Contact Source Advisors
01727 738600
Contact Source Advisors
01727 738600

Comments from our UK Managing Director, Luke Hamm

It is no surprise that this year we have seen a fall in the number of claimants, quite dramatically in when it comes to SME claims which are down by 28%.

It is fair to assume that this time next year, even without any further change to the schemes, the number of claimants will drop, and the overall cost will either stay static or decline.

With the 5,000 new tax compliance officers announced, HMRC will have a record level of resource to close the tax gap, to ensure that taxpayer money is spent well and to reduce fraud.

See other years’ HMRC statistics

HMRC R&D tax credits statistics 2023
HMRC R&D tax credits statistics 2022