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Moore Thompson urges small and medium businesses to check they're claiming research and development tax credits.

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According to the latest HM Revenue and Customs (HMRC) data, UK businesses spent £47bn on research and development (R&D) in 2019-20 and claimed an incredible £7.4bn in tax relief as a result, writes Matt Upex of Market Deeping accountancy firm Moore Thompson.

This record amount of R&D tax relief was up more than £1bn on the previous year’s claims, with manufacturing and IT claiming the most support from the various tax credit schemes.

The 19 per cent rise in the value of claims was thanks to more than 89,000 businesses making use of R&D tax relief in 2019/20.

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