This guide looks at:
- Why do R&D tax credit statistics matter?
- What do the 2022 R&D tax credit statistics reveal?
- How Leyton UK can help.
HMRC’s numbers from their R&D tax credits statistics 2022 report show that R&D investment has taken a big hit. We dive deeper into the stats to reveal what they really say about the health of UK R&D, focusing on the following key points:
- R&D expenditure and cost of support claimed figures for 2019 to 2020 have been revised down
- HMRC’s R&D statistics for 2020 to 2021 include estimated “uplifts”
- Revisions in next year’s publication could show a worse picture
- R&D expenditure has declined for the first time since the 2009 to 2010 tax year
- Year-on-year expenditure has declined for several UK regions, including East of England
- Year-on-year expenditure has declined for several industry sectors, including Manufacturing
- Falling R&D expenditure is a blow to the government’s ambitious growth plan
- Future R&D funding may be further depressed by planned reforms coming in April 2023
These areas are relevant for the R&D Tax Relief schemes, including: