The past few years have brought significant shifts to the R&D tax relief landscape, leaving many companies navigating newfound compliance requirements and rate adjustments. But in 2024, things finally stabilised. Companies adapted, fraud and errors declined, and the R&D tax relief scheme entered a new era of reliability and consistency.
For EmpowerRD, 2024 was a year of celebration and milestones. We marked seven years of helping UK innovators thrive, hit over £1 billion in R&D contributions, and grew our expert team to better serve our clients.
Here’s a snapshot of how the year unfolded.
Key Moments of 2024
January – Adjusting to compliance changes
By January, companies had fully adjusted to 2023’s stricter rules, like the mandatory Additional Information Form (AIF). HMRC’s focus on compliance led to higher enquiry rates—1 in 5 claims—but these measures gradually built trust in the scheme by significantly reducing fraud and error.
March – A stable spring budget
The Spring Budget delivered welcome news with no changes to R&D tax relief. Instead, £360m in funding for AI and innovation reaffirmed the government’s commitment to R&D, giving companies the confidence to plan ahead.
EmpowerRD Milestone: Katie Pearce joined us as Head of Claim Quality, championing compliance and precision for our clients.
April – The merged scheme launches
On April 1st, the SME and RDEC schemes were combined into a single model, the merged Scheme R&D Expenditure Credit. The new Enhanced R&D Intensive Scheme (ERIS) offered up to 27% relief for SMEs investing heavily in R&D, making the scheme more inclusive and beneficial.
July – Compliance successes
HMRC’s Annual Report highlighted significant progress in fraud prevention. Fraud and error rates dropped 46% in two years, with SME fraud reduced by 60%. Companies felt the impact of a safer, more transparent system.
August – Strengthening Client Support
August brought new expertise to EmpowerRD as Dr. Matthew Rix joined as an R&D Tax Consultant and Technical Report Writer, bringing deep technical knowledge to assist clients with precise and compliant claims. Aisan Dadashi also joined the Finance Team, enhancing our ability to provide top-notch financial support to innovative companies across the UK.
September – Expanding the Tech Team
EmpowerRD’s mission to innovate and simplify R&D tax relief took another leap in September with the addition of Chris Odeon as a Senior Developer. His expertise strengthened our technology team, driving advancements that make our processes even more seamless and client-focused.
October – Milestones achieved
EmpowerRD hit a historic milestone—uncovering over £1bn in R&D contributions for UK companies. We also revamped our website to simplify claim submissions, making the process even smoother for our clients.
The Autumn Budget provided further relief with no changes to the scheme and new incentives for green innovation, signalling sustained governmental support for R&D.
November – Strengthening the team
EmpowerRD added more incredible talent, including Yasmin Lakin, R&D Financial Consultant, to expand our capacity to help UK innovators succeed.
Looking ahead
2024 was a turning point. The R&D tax relief scheme emerged stronger, streamlined, and more secure, delivering tangible benefits. EmpowerRD’s achievements—seven years of service and £1bn uncovered—reflect the resilience and ingenuity of UK companies.
Now, businesses can focus on what really matters: innovating, growing, and shaping the future. With the groundwork laid in 2024, the path ahead looks brighter than ever.
