Research conducted by Mastercard and the Fletcher School of Tufts University has recognised the UK as one of the world’s digital elite economies, according to the Digital Evolution Index 2017. This is a comprehensive study tracking the progress countries have made in developing their digital economies and integrating connectivity into the lives of billions.
The UK was identified alongside Singapore, Hong Kong, Japan, Israel, Estonia, UAE and New Zealand as a stand out economy for its high levels of digital development and fast rate of digital evolution.
The UK remains on an upward trajectory and continues to show high levels of digital development. An example of this is London now being home to Europe’s fintech stars, producing a creative new business model in finance, with major banks being on hand to offer expertise and back the start-ups.
With such positive advancement and growth results occurring in the UK, it is proving to be an ideal time for businesses to continue investing into innovation. Subsequently the company could also potentially benefit from a research and development tax credit associated to doing so.
The Government offers competitive incentives to encourage business growth, research and development. Currently the average R&D tax credit claim is £54,000, which can prove as a valuable source of funding for a business.
To find out more about how your company could benefit from an R&D tax credit, contact a Swanson Reed R&D tax specialist for an eligibility assessment. We look forward to speaking with you and potentially guiding you through the process of attaining your tax relief.