R&D Tax Relief Claims Decline in North West SMEs
Azets, a UK top 10 accountancy and advisory firm, has found a significant decrease in the number of SMEs in the North West making research and development tax relief claims.
According to the research, there were 3,450 claims in the North West, with a total cost of £275m, compared to 5,265 claims and £370m in the previous year.
- Cheshire: 615 claims (£75m decrease from 865 claims)
- Cumbria: 150 claims (£10m decrease from 240 claims)
- Greater Manchester: 1,495 claims (£100m decrease from 2,290 claims)
- Lancashire: 620 claims (£40m decrease from 1,020 claims)
- Merseyside: 565 claims (£30m decrease from 850 claims)
Local businesses should use the valuable tax relief support or lose it, warns Becca Murdoch, tax director at Azets.
Azets' research is based on the latest HMRC figures for 2023-24, compared to the previous year's data.
Author's summary: Decline in R&D tax relief claims in North West SMEs.
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