HM Revenue & Customs (HMRC) statistics reveal that companies in the East of England accounted for 10% of 22,445 research and development tax credits claims in the tax year 2014-15, with HMRC paying back £250m to companies in the region, out of £2.45bn of tax relief paid out nationwide.
But tax specialist Jumpstart says that many small and medium-sized enterprises (SMEs) are still unaware they could claim back thousands in Corporation Tax from the Government.
The firm says the figures show that the East is lagging behind other regions in terms of the increase in claims by SMEs over the last five years. Since 2010, the amounts claimed by SMEs in the East have increased by 198%, compared with 438% in the North East at 438% and 364% in London.