In the recent Spring Statement, the Chancellor announced plans to reform the Research & Development (R&D) tax regime to maximise the innovation and growth that comes from the expenditure. Draft legislation is expected in the summer of 2022, with changes likely to take effect in April 2023. What can you do now? 1 Overseas R&D […]
Read MoreResearch & Development
The Spring Statement – March 2022
Against the background of a cost of living crisis and the war in Ukraine, Rishi Sunak yesterday presented the Spring Statement. It’s usually only an update on the position of the economy and updated forecasts for coming years, but for this one he was under some pressure! Inflation in February was reported just hours before […]
Read MoreWhat do you need to prove for an R&D Claim?
Research and development (R&D) tax credits are a tax relief paid by HMRC to UK companies to reward their efforts towards innovation. Companies that spend money on Research & Development are eligible to claim a Corporation Tax reduction for every £1 they spend on qualifying activity. The strict definition of qualifying Research & Development is activity […]
Read MoreChanges to R&D Tax Relief laid out…
After a recent consultation on Research and Development (R&D) Tax relief, the Treasury has announced as part of TAM Day, a number of changes to the process. Some of these had previously been included in the recent Autumn Budget speech. The pre-announced changes included: R&D Tax Relief will be restricted to UK based work. The […]
Read MoreR&D Claims likely to be delayed…
HMRC is warning businesses to submit research and development (R&D) claims as soon as possible to avoid a likely delay in payments between December and January. As the filing deadline for the most popular year ends is 31st December, there is always a flurry of R&D submissions in this period, which can cause delays in […]
Read MoreBudget 2021 – Reaction & More detail
The Budget is one of those times when we really don’t know what we’re going to get. As Accountants, it’d be great to have an inside line to Rishi’s office, so we had advance warning, but instead we’re reading the small print to get to the detail today. In advance of yesterday’s speech, there were […]
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