HMRC’s annual report for research and development (R&D) tax credit claims for the year 19/20 found the manufacturing industry to have one of the top two highest number of claims compared to other sectors, with the industry getting back £1,860m.
A total of 85,900 claims were made overall, with 18,955 being submitted from manufacturing for the year ending 31 March 2021. This figure will continue to rise as the 19/20 claims window remains open until March 2022.
Manufacturing made up 22% of claims, with the average industry claim value siting at approximately £48,000.
