UK R&D spending lowest in the G8

by | Nov 4, 2015

The UK government spends around 0.49% of GDP on funding research and development (R&D), prompting business groups to call for an increase to help increase growth.

The Confederation of British Industry (CBI) is calling on the government to increase total R&D spending to 3% of GDP as research shows that the current level of spending is the lowest among the G8.

The CBI wants the government to set out a “coherent framework” to boost innovation and create more capacity in the economy in the long term.

Getting the most out of R&D

In order to qualify for government tax credits or relief a company must be engaging in R&D activities that are:

  • systematic, investigative and experimental
  • carried out in an approved  scientific or technological field
  • seeking technological or scientific advancement
  • seeking to resolve uncertainty.

The rates of relief available depend on the size of your company. If you would like to discuss your eligibility to claim reseach & development tax credits with one of our experienced R&D specialist tax accountants please contact us on 020 7330 0000. 

Mark Rubinson Arram Berlyn Gardner R&D tax credits

Mark Rubinson  – mrubinson@abggroup.co.uk – 020 7330 0005

 

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