However they are not being claimed…
As it stands, the UK’s average science and technology Research & Development spend trails far behind that of competing nations such as France, Germany, and Japan.
According to OECD figures, Britain spends 1.7 percent of GDP on research and development – below the average of 2.4 percent. However, the Government is acutely aware that if the U.K. wants to remain competitive, then investment into R&D is vital, and in the Autumn Statement (2016) it “walked the walk”, not just “talked the talk”!
The PM said in November 2016 that £2 billion per year would be set aside for research and development up to 2020. Number 10 said: “This fund is part of £4.7 billion of additional R&D funding announced by the prime minister in November, a bigger increase than in any parliament since 1979.”
However, we are still not seeing this being infiltrated to the intended recipients. The misconception remains that such benefit only exists for huge companies employing hundreds of technical people, donning white coats.
Whether you are Business Owner, or an Accountant/Professional Adviser, check how this generous incentive can enhance your (your Clients) financial situation.
Please also refer to our post: “The “Do-It-Yourself Trap”
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