Scottish companies are being encouraged to claim R&D tax relief after HMRC data showed that they are only claiming a fraction of the UK equivalent. £230 million has been claimed by Scottish companies for the 2018/29 financial year with an average claim value of £80,341. This amounts to 2,920 claims out of 11,820 claims in London.

Despite this, Scottish R&D claims did increase from the previous year. Furthermore, Scotland has had a 57 percent increase in startups in Q3 compared to Q1, with lockdown and working from home encouraging the rise of new tech businesses.

Many businesses are turning to established funding schemes like the R&D tax relief programme, with events like COVID-19 and Brexit having had a major impact on their cash flow. R&D tax relief will have a key role to play in the country’s long-term economic growth and ability to compete on an international level.

Source: The Scotsman