Start-up businesses are being encouraged to check whether they are eligible to claim R&D tax credits.
Figures released by HM Revenue & Customs (HMRC) last month show that 18,630 small firms made use of the tax relief in 2014/15.
While the number of claims had climbed when compared with the previous financial year, there are lingering concerns that many businesses may still be missing out because they aren’t wholly aware of how the rules work in practice.
This could be bad news for smaller companies, who may find themselves at a competitive disadvantage if they don’t take advantage of the tax breaks on offer.
The total amount of R&D support over the 12 month period increased to £2.45billion.
According to the figures, a significant proportion of claims were concentrated in London and the South East and in sectors such as manufacturing.