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Rise in R&D funding support for small businesses

The number of small and medium-sized businesses claiming tax credits for R&D activities rose by 22 per cent last year, with companies in London, the south-east and the east of England accounting for almost half the number of claims.

In Research and Development Tax Credits Statistics, published on 14 September, HM Revenue and Customs reveals that in 2015-16, the total number of claims for R&D tax credits rose to 26,255, an increase of 19 per cent from 2014-15. This was primarily driven by a rise in the number of claims from small businesses, which totalled 21,865 in 2015-16, up from 17,875 in 2014-15.

The rise in claims reflects the changes made to the SME scheme from April 2012, according to the report. These included the removal of the requirement for a minimum R&D expenditure of £10,000, opening the scheme up to more applicants.

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