West Midlands firms record significant increase in R&D tax relief claims
New HMRC statistics show an increase of 688% in the amount of R&D tax relief savings being claimed by West Midlands companies over the last seven years.
The latest figures reveal businesses in the region accounted for 9% of the total value of claims made across the UK in the year 2016-2017, according to Birmingham-based Jumpstart.
They also show 3,340 claims secured here so far for the latest 2016-17 period with 2,905 being made by SMEs, accounting for around £110m in tax rebates with the remainder claimed under schemes for large companies.
Also released were figures for Patent Box claims, another tax relief available to help firms develop intellectual property (IP) assets. West Midlands businesses accounted for just 1.9% of the value of all Patent Box claims, which amounted to a £942.5m in tax breaks for companies across the UK.
