UK Research and development works amidst government borrowing

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/04/Fraud3-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2022/04/Fraud3-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/04/Fraud3-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/04/Fraud3-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/04/Fraud3-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/04/Fraud3-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/04/Fraud3-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/04/Fraud3.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><p>Despite this, HM Revenue and Customs data from September of this year presents a promising increase in UK R&amp;D expenditure (Research &amp; Development). After a dip caused by the Covid-19 pandemic, R&amp;D expenditure for 2021-2022 totalled £44.1bn – a hefty and welcomed sum that has worked against interest hikes and ever-increasing inflation rates.</p>
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<p>Currently, the R&amp;D scheme works separately for smaller and larger businesses; however, this method has recently combined and rebalanced the support given to smaller and larger businesses. The rebalancing (Autumn 2022) suggested that a single R&amp;D scheme could be implemented as soon as April 2024. However, this rapid timescale raises concerns over the amount of preparation time each business owner now has.</p>
<p>Since the scheme’s inception in 2000, approximately 16.7% of all R&amp;D tax claims have been <a href="https://www.leaprate.com/financial-services/fraud/organised-crime-investigation-into-17-million-fraud-leads-to-charges-against-12-people/" target="_blank" rel="noopener">fraudulent</a>, totalling a staggering £1.3bn loss due to human error and fraudulent claims. Not only does the government and taxpayer lose out on earnings, but businesses and investors conducting authoritative, legitimate research also face additional administration when applying for R&amp;D claims.</p>
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