Data from the ONS showed that total R&D expenditure increased from £23.7 billion in 2017 to £25 billion in 2018.
Leading sectors for research and development
- The aerospace industry saw the largest increase in R&D expenditure with a total spend of £210 million
- The UK telecoms sector also experienced fast growth in R&D spending, increasing by 25.4% in 2018 to £192 million.
According to the ONS, the government’s funding of R&D amounted to £1.7 billion in 2018, which accounted for 6.9% of all R&D expenditure. The data revealed that machinery, equipment and shipbuilding were the biggest beneficiaries from government funding.
R&D tax claim service
For businesses spending on research and development R&D Tax Credits are one of the most attractive tax reliefs available, yet there are still thought to be thousands of businesses across the UK missing out on making a claim.
Our award-winning team carry out many R&D Tax Claims across various industry sectors and have secured clients more than £4 million worth of tax credits to date.
Contact us to discuss making an R&D tax claim, or visit our R&D Tax Credits page to find out more about our service.
With more than 20 years in tax, Paul provides tax compliance and advisory services to clients, and specialises in R&D and capital allowance claims.