The latest stats from HMRC for the 2015/16 tax year show a considerable increase in the number of claims for R&D tax credits. 

The removal of the minimum R&D spend of £10k has opened the door to more businesses, typically in the SME sector, and this is borne out by the stats that show a 22% increase for this group.

HMRC also point to the increase in the SME enhancement expenditure rate (125% to 130%) as a key driver in the increased number of claims.

Notwithstanding this, many businesses are still missing out on this valuable relief. As a recap, if a company is seeking to resolve a scientific or technological uncertainty with the aim of achieving an advance in the overall knowledge in that field/industry then it is probably doing "qualifying" R&D and could claim tax relief for this.

Furthermore, tax reliefs aimed at encouraging businesses to invest more in R&D and innovation are likely to be an increasingly key aspect to the UK government's strategy post Brexit as it seeks to encourage businesses to continue to invest in the UK.