Now that the doom and gloom of Brexit has started to wane and the dust settle, we can start to establish what is the truth behind all the rumours and the potential impact upon innovative companies in the UK.
There is still a lack of clarity regarding the current state of the UK economy, although the recent reports seem quite promising all things considered. GlaxoSmithKline have recently announced they will be investing £275m in three of its manufacturing sites in the UK, creating new treatments that will be exported to patients around the world. Business and Energy secretary, Greg Clark responded with: “An investment of this scale is a clear vote of confidence in Britain and underlines our position as a global business leader. Glaxo’s recognition, proof that there really is no place better in Europe to grow a business”.
With continuing investments made in UK innovative businesses, R&D should continue to grow un-harmed in all sectors. Theresa May has indicated that the UK Government would continue to demonstrate a commitment to provide economic incentives for innovation and scientific companies post Brexit, all good news for business growth.
Now is a really good time to claim R&D Tax Relief, not only as the end of this tax year looms for many but there is currently a window of opportunity for UK businesses to thrive. According to the latest HMRC Statistics, there are currently an estimated 3.7 million UK private sector businesses and only 20,100 of these made an R&D claim.
There are still opportunities for businesses to make a claim and working with R&D experts will ensure that the claim is maximized, thus enabling even more R&D in the coming year, that will equal business growth, job creation and security for all post Brexit.
Many will still be unsure as to whether they qualify and as few Accountants are practiced in this field, having someone cast an expert eye over the possibility of a claim is a simple next step.
Those who were successful in receiving a claim back from HMRC, saw an average of £25K plus and many over £100K depending on spend, so not sums to be sniffed at.