British Prime Minister Theresa May is pushing to fulfil Britain’s potential by increasing research and development funding in hope to maximise the potential of the country’s renowned scientists and universities.
An extra £2.3 billion in funding on top of the already promised £12.5 billion has been guaranteed by the UK government as part of a 10 year plan to increase Britain’s R&D spending. The cash injection will be delivered in 2021-22 alongside the longstanding target to increase R&D investments to 2.4 per cent of gross domestic product by 2027.
On average Britain spends 1.7 per cent of GDP on R&D compared with an average of 2.4 per cent across other wealthy countries in Europe. Therefore it is crucial that Britain continues to push to reach parity with other international countries. The government’s plan to keep rising public R&D investments over the next 10 years provides confidence that this will occur.
Ms May says investing into R&D is investing into turning brilliant discoveries into practical products and this is why R&D spending should continue to increase every year.
Investment into R&D will pay itself many times over and support high-value jobs across the economy. If you believe your company may be eligible for an R&D Tax Relief and are considering lodging a claim, it is essential that claims are accurately made in order to meet HMRC requirements. To take the stress and concern away from making an R&D claim contact a Swanson Reed R&D Tax Advisor. Swanson Reed specialise is purely R&D Tax; therefore are experts in this field and can guarantee to provide you with the best tax relief attainable. We look forward to speaking with you and guiding you through the process of attaining your tax relief.