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The Chancellor Backs the Datafox Research and Development Tax Credits Story for SME’s!

As the dust settles on another Budget, many within the Finance industry have purely focused on the R&D Tax Credits increase for larger businesses, and suggested bewilderment at the lack of growth in the R&D Tax Credits rate for SME’s.

But is this the case?

Is there an untold story we can read between the lines?

What’s the point of giving more of nothing!

What the Chancellor gave within the summarised notes were vital clues on why an increase wasn’t the answer for SME’S, mainly as they don’t claim in the first place!
“The government are set to launch a campaign to increase awareness of eligibility for R&D Tax Credits among SME’s.” The Chancellor has allocated the money that would have been available to cover any growth in the R&D Tax Credits rate towards marketing activity to encourage SME’s to start making claims. Datafox R&D Tax Credits works tirelessly to raise the awareness amongst SME’s as research shows that more than 95% of eligible businesses are not making a claim. Thus, on the face of it, the Chancellor could have made a political gain by including SME’s within the increase, but it would have been a pretty hollow gesture. What’s required is the greater awareness of the scheme, so more SME’s become motivated to get their fair share.

The plot and pot just got bigger!

If you’re an SME reading this article and are feeling a little disgruntled, then don’t. The story is not another tale of big business being looked after while the little guy is left behind. The Chancellor also announced an increase in the total pot available for all as he is hoping for a far higher percentage of SME’s to start making claims following the awareness campaign.  The Government has committed to an investment of an additional £4.7 billion over the next four years in Research and Development funding. Therefore, there’s a lot more in the pot for everyone!

The story takes a twist!

The Government has particularly identified businesses that develop and use key emerging technologies as the focus for their awareness campaign ensuring there are no barriers to these organisations claiming R&D Tax Credits.

Have your happy ending!

Is your business considered an SME?
And it’s not making an R&D Tax Credits claim?
Is it involved in research and development within emerging technologies?
And it’s not making an R&D Tax Credits claim?

Contact the Datafox R&D Tax Credits expert team today to start your story with a happy ever after ending.