R&D Tax Credits – Startups’ Experience
We’ve published the results of a survey of over 250 UK startup founders asking for their thoughts on the changes to R&D tax credits announced in the November 2022 budget, which we estimate will lose startups between 30% and 40% of what they currently receive under the scheme.
Since these changes were announced, we’ve heard damning concern from across the UK’s tech ecosystem. That’s why we decided to survey founders to find out what these changes would mean for their business, and the UK as a whole.
Key findings include:
97% of respondents agreed with the statement: “I expect the cuts to severely impact my startup”.
89% of respondents strongly agreed with the statement: “If the cuts go ahead as planned I believe the UK will be made significantly less attractive to startups and investors”.
93% of respondents agreed with the statement: ‘I am concerned that the cuts will impact the growth trajectory of my business.”
The median figure startups expect to lose annually was £40,000, and the mean figure was £100,363
The full report can be found here. As always, we’re communicating the views of the UK’s tech community to Government and working to find a solution.