Recent cuts to the UK’s R&D tax incentives scheme could be forcing businesses to take their innovation elsewhere. Research by Ayming, a R&D tax consultancy, has highlighted some concerning statistics; 75% of the companies polled said they had either moved – or plan to move – their R&D activity overseas.
This trend is down to a combination of recent cuts to R&D innovation incentives and lack of access to a key EU funding programme.
Three quarters of companies polled by Ayming said they had either moved R&D activity overseas last year or plan to do so this year – the most popular destinations being the US, Germany and France.
These issues are compounded by the ongoing problem of fraud among the R&D tax credit scheme, which is widely believed to be one of the main drivers for reducing the benefit available to UK start-ups.
The full story is available to read in The Times (paywall content).
It’s undoubtedly a tricky time for R&D in the UK, but thankfully, demand for talented R&D tax managers and consultants remains high.
If you are looking to hire in R&D tax or looking for a new role, we are working with a number of leading R&D consultancies and we’d love to hear from you!