£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 and development tax relief claims.
A specialist at Azets, 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: A £40m decline in R&D tax relief claims by Welsh SMEs.
More News
- Sharks Turn Back Clock, Rock Devils 5-2
- Sharks score 3 straight to open 1st period, cruise past Devils | NHL.com
- Fiji Law Society Convention 2025
- Billie Eilish Calls on Billionaires to Do More for People in Need
- QUICK RECAP: Devils 2 at Sharks 5 | New Jersey Devils
- Quick start, steady goaltending propel Sharks to first home win of season
- Fiji Law Society President says there’s a constant struggle to uphold and respect the law in Fiji, it starts from the top