RESEARCH AND DEVELOPMENT TAX CREDITS STATISTICS

RESEARCH AND DEVELOPMENT TAX CREDITS STATISTICS

HMRC have recently released their R&D tax credit statistics for the 2019/20 tax year.    The total value of R&D relief is now nearly £7.5 billion. This is an encouraging sign of a growing R&D sector, and of wider knowledge and use of the scheme(s). ...
HMRC R&D CONSULTATION

HMRC R&D CONSULTATION

As announced in the Budget last week, HMRC has now opened a consultation on R&D tax credit claims. The UK is currently a global leader in science and innovation. Supporting the world class innovation in the UK is a key government priority. The Government’s target...
Changes to R&D SME tax relief

Changes to R&D SME tax relief

In an attempt to prevent abuse of the R&D system, the Government is changing the limit for SME tax credit repayments. Similar to the RDEC scheme, a PAYE cap will be introduced which will limit the amount of payable tax credit, based on the PAYE and NIC costs that...
The Impact of COVID-19 on R&D

The Impact of COVID-19 on R&D

During the COVID-19 pandemic, the government has initiated a number of schemes to help businesses. They do not stop a company being able to make an R&D tax credit claim, but they may impact the scheme under which the claim is made. To make a claim for R&D tax...