How much do small businesses spend on R&D?
A statistical error was responsible for a mere 60% uplift in the Office for National Statistics calculations on R&D expenditure!
“Following interim methodological improvements to better represent small businesses, the value of expenditure on R&D performed by UK businesses according to ONS’ BERD survey were £15.0 billion, £15.6 billion, and £16.1 billion higher in 2018, 2019 and 2020 respectively than previously estimated; this brings the ONS estimates closer to HMRC statistics”
The R&D Tax Credit scheme was introduced to solve the problem of the perceived lack of innovation (R&D)
These revised figures mean the government needs to quickly revise targets for R&D
Worryingly the Covid years also led to an 18% decline in R&D activity (claims).
What really counts however is the outputs from that R&D i.e. what successful products and businesses or IP licensing arise from the R&D. Measuring that is harder and takes longer to correlate.
In the meantime if you are curious why not take our test….
We are working with Claritas Tax to help business make the most of their innovation and intellectual property.
This is why Claritas Tax have created the Innovation Healthcare Package and the Innovation Test.
The Innovation Test is a tool any business can use to test their knowledge about intellectual property, how they use innovation and R&D, and how intellectual property contributes to their bottom line. The test comprises 20 carefully chosen questions which are scored to help inform a business as to how well it is doing in these areas.
The link for the test: https://lnkd.in/eqP6Fixh
Claritas Tax and Exalt IP
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