With its tax reliefs improving over recent years, Research & Development claims should be given more attention.

For SMEs, when you spend £100 on R&D, your corporation tax is not only reduced by the £100 you've spent, but also by an additional £125, taking the total deduction against your company bill to £225.

If you're paying 20% corporation tax, you've saved additional tax of £25 (£125 @ 20%), taking total tax saved to £45 (£225 @ 20%).