£40m Decline in R&D Tax Relief Claims by SMEs in Wales
Research by accountancy and advisory firm Azets reveals a significant drop in the number of SMEs in Wales making research & development tax relief claims.
A specialist at the firm, Chris Dale, warns that local businesses should utilize the valuable tax relief support or risk losing it. This warning comes after analyzing the latest HMRC figures for 2023-24.
- Total claims in Wales: 1,140 (down from 1,595)
- Total cost: £70m (down from £110m)
- Regional breakdown:
- Mid and South West Wales: 315 (down from 430)
- North Wales: 230 (down from 315)
- South East Wales: 595 (down from 855)
- Sector breakdown:
- Manufacturing: 370 (down from 475)
- Information & communication: 210 (down from 265)
- Professional, scientific & technical: 180 (down from 245)
Local businesses should use the valuable tax relief support, or lose it.
Author's summary: SMEs in Wales see a £40m decline in R&D tax relief claims.