R&D Tax credit claims could pay 178k UK salaries for a year

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While growth in R&D tax relief claims has increased by 35% annually since inception in 2001 to over £4bn last year the scheme is yet to be fully utilised by UK business.

However, even with many remaining unaware that the work they are doing could qualify, the number of claims made does demonstrate the huge amount of innovative work taking place across the UK.

To highlight this great work and put the sums claimed into perspective, R&D specialists RIFT Research and Development has looked at how many people this sum could employ based on the average annual net salary and which region is top when it comes to R&D Tax Credit claims.

The research shows that there has been a huge £4.3bn claimed across all R&D tax credit schemes to date and with the average net salary currently sitting at £24,365, that’s enough to pay the wages of 177,711 for a whole year!

As you might expect, London is home to the largest number of claims with £1.2bn submitted and even with the higher annual salary of £31,567, the R&D work going on throughout the capital could employ 39,281 for a year.

R&D claims in the South East and East

How to complete your first self-assessment tax return?

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Have you just got into self-employment? Or do you have a formal job and a side hustle?

If either of these two scenarios applies to you, then it’s time that you began to learn everything that there’s to know pertaining to Self-Assessment. For a person who hasn’t had the opportunity to do so in the past, you will soon find that the process of completing a self-assessment can be a bit hectic. But with the right tips and information, you should have it completely handled in no time.
The one rule of thumb that applies to this process is that any individual who receives an income that isn’t taxed at the source has no option but to complete the self-assessment.

I Am Just a Freelancer, Should I Also Complete It?

Many people turn to freelance jobs to help them supplement the money they earn from their formal jobs. And in many cases, their employers are not aware of what their employees are doing. But as much as you don’t want your boss to learn about your side hustle, you will have to report it to the taxman.
What happens here is that you have to register yourself as a self-employed

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