We have seen a raft of changes to the Research and Development (R&D) tax relief and tax credit schemes – here is a summary of what has changed and when
Compared to recent Budgets and Autumn statements the Chancellor was relatively quiet on the Research and Development schemes. Two changes were announced. https://www.gov.uk/government/publications/spring-budget-2023 https://www.gov.uk/government/publications/spring-budget-2023-factsheet-cutting-simplifying-tax-for-businesses-to-invest-and-grow/spring-budget-2023-media-factsheet-cutting-simplifying-tax-for-businesses-to-invest-and-grow “Boost” for R&D intensive companies. Companies
I would strongly recommend that anyone with interest in the R&D schemes and the current debates around them read this well considered and balanced report. It is important to consider
R&D Tax Reliefs Review. Consultation on a single scheme. https://www.gov.uk/government/consultations/rd-tax-reliefs-review-consultation-on-a-single-scheme HM Revenue & Customs have launched a consultation based on creating one unified R&D scheme for companies of all sizes.
UK space mission fails after rocket “anomaly”. The space sector is currently worth over £16.4 billion per year to the UK economy and employs 45,100 people. The attempt to launch
Full details of the autumn statement changes can be fund here. What is an R&D Tax Credit? R&D claims create an additional deduction in the tax computation. The current rate
The Government obviously relies heavily on statistics in its decision making. Good statistics are essential. The problem when analysing and making decisions about the R&D schemes is that a lot
The autumn statement brought grim news for SMEs as the Government cut the SME R&D schemes. The additional deduction rate was cut from 130% to 86% and the R&D Tax
There have been 3 distinct periods with specific themes for the R&D schemes. 2002-2009 –Little was known or understood by most companies or accountants about the schemes and there were
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