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News from Beavis Morgan, experts in R&D Tax Relief

This week we welcomed the news of the world’s first successful trial of a coronavirus vaccine. As we await approval, our thoughts turn to the huge task of getting millions of doses to the UK population which poses an enormous supply chain challenge.  To complicate things further, the new vaccine would need a deep–freeze delivery chain. The vaccine requires storage at -70C, significantly lower than any other...

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Amidst a global pandemic, and with the UK’s imminent departure from the EU causing turbulence and uncertainty across the economy, it is understandable that limited companies are crying out for support from the government. But, while some schemes have been put in place to combat the economic downturn felt by both companies and individuals, such as the furlough scheme and the Coronavirus Business Interruption Loan...

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Research & Development (R&D) tax relief is available to businesses in the UK across all sectors who are pushing the boundaries in their area, exploring ways to improve their production or manufacturing processes, undertaking software development projects or, as is currently very prevalent, adapting processes to support the COVID-19 efforts. It doesn’t matter if another company has achieved the same end goal, or that the...

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The dramatic spread of COVID-19 has disrupted lives, livelihoods, communities and businesses worldwide. Small, medium and large businesses across the UK and abroad are coming together and innovating to minimise the impact on public health and to limit disruptions to economies and supply chains. We have seen 3-D printing manufacturers adjusting their processes to produce ventilators and respirator components, technology and engineering businesses collaborating in response to...

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There are many preconceptions businesses have that they “don't do research & development” and therefore won’t qualify for Research & Development (R&D) Tax Relief. In this blog, Simon McCarthy within Beavis Morgan’s specialist R&D Tax Advisory team, looks at the various types of IT/software projects and activities applicable for R&D tax relief, and why so many businesses are missing out on this valuable opportunity to...

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Chancellor Rishi Sunak has delivered his first Budget in the House of Commons, and the first since the UK’s departure from the European Union.  Although it was inevitably dominated by the impact of the Coronavirus and included a range of short term support for individuals and businesses, the Chancellor also included a variety of other measures to “get things done”. Please find enclosed a link to our Budget...

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Government’s landmark investment is the largest and fastest ever expansion in support of researchers and innovative businesses. In today’s Budget announcement, the Chancellor of the Exchequer Rishi Sunak set out plans to increase public Research & Development (R&D) investment to £22 billion per year by 2024-25, taking direct support for R&D to 0.8 per cent of GDP and placing the UK among the top quarter...

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Significant delays by HM Revenue & Customs’ (HMRC) in the processing of Research & Development (R&D) Tax Relief claims in 2019 forced many startups to raise emergency funds. According to findings published on 16 February by the Financial Times* the long delays caused serious concerns for businesses who rely on HM Government’s investment in these reliefs to support their innovation, in particular startups who rely on...

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While the number of research and development (R&D) tax relief claims have increased by 35 per cent per year since the introduction in 2001 to over £4 billion last year, many UK businesses are still not fully utilising this government scheme. According to research, however, even with many not realising that the work they do may well qualify, the number of claims made does demonstrate how...

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We are delighted to announce that the first edition of our Beavis Morgan R&D Tax Relief newsletter has been published. If you have not yet subscribed to receive our newsletter, please get in touch and we will add you to our mailing list. In this and future editions, we aim to highlight pertinent developments in relation to the field of research and development tax relief and...

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Revenues from esports, competitive video-gaming, are increasing dramatically as audience growth and commercial awareness escalate, particularly amongst the younger generations. According to a recent report, the esports market has now reached €240 million (£222.7 million), with some events even filling arenas. Revenue comes predominantly from sponsorship, advertising and media rights, as well as ticketing and game publisher fees. Advertisers are increasingly eager to tap into the 380 million-strong...

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From 1 April 2019 all claims for Research & Development (R&D) Tax Relief which form a part of an amended return must include a completed CT600 and a Corporation Tax computation. Those items can be included as enclosures to an email. Potential claims without both the completed CT600 and computations will be returned. Steve Govey, Head of Beavis Morgan R&D Tax Relief comments: “This just demonstrates the importance...

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There are many preconceptions businesses have that they 'don't do research & development’ and therefore won’t qualify for Research & Development (R&D) Tax Relief. In this blog, Steve Govey, Head of Beavis Morgan R&D Tax Relief talks to us about what R&D entails, who qualifies and why so many businesses are missing out on this valuable tax relief opportunity. “For businesses not yet claiming R&D Tax Relief,...

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Despite the fact that the vast majority of transport businesses are edible for Research & Development (R&D) Tax Relief, just a quarter are even aware it exists. According to recent findings, 79 per cent of businesses are wasting this valuable government incentive which encourages innovation by giving money back to companies who actively undertake the development of new products and business processes. The survey shows that transport...

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Government Research and Development (R&D) Tax Relief offers tax breaks designed to encourage innovation by incentivising companies to invest in R&D, enabling them to reduce their tax bill or claim payable credits on a proportion of their R&D expenditure. What can help you qualify for an R&D tax relief? While R&D tax relief is available to any company undertaking a project which seeks to achieve an advancement...

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While many companies are spending large amounts of money on developing their IT and infrastructure, or creating new and innovative products, a large number are still unaware that they can reduce their tax bill or claim payable credits on a proportion of their research and development (R&D) expenditure. A large percentage of UK businesses are therefore not taking advantage of R&D Tax Relief, despite government support...

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Eligibility is not limited to activities taking place in laboratories and science-based research centres. R&D Tax Credits can often be claimed in far broader areas and various enterprises could qualify for significant tax reductions and gain a cash flow boost. Loss making companies can even claim back tax they haven’t paid in the first place Examples of where your business might quality for R&D tax relief...

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Research and Development Tax Relief Article featured in Fashion Rider's Fashion & Finance Report, October 2018 Tax relief may not be something that the average fashion industry business has considered, but it can be of huge benefit to any organisation that develops its own products and concepts. In this report, we examine why research and development (R&D) is encouraged under the tax system, what it can mean to...

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The Research and Development (R&D) Tax Relief scheme are Government tax breaks designed to encourage innovation by incentivising companies to invest in R&D, enabling them to reduce their tax bill or claim payable credits on a proportion of their R&D expenditure. What can help you qualify for an R&D tax relief? While R&D tax relief is available to any company undertaking a project which seeks to achieve...

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