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

23 Apr

Leveraging R&D Tax Relief to Bolster Cybersecurity and Innovation in Architecture

by Georgina Swain

in IT, R&D Tax Relief, research, taxrelief

The architectural and construction sectors are currently undergoing a significant transformation driven by digital innovation. This shift towards incorporating more advanced digital tools and platforms in the design, planning, and execution stages is enhancing efficiencies and creating new opportunities for innovation. However, this digital evolution also introduces significant cybersecurity risks, particularly with the increasing availability of sensitive information on the dark web. Recognising these challenges,...

12 Jun

Driving Sustainable Architecture: Maximising Benefits with R&D Tax Relief

by Georgina Swain

in R&D Tax Relief, taxrelief

Article first written for RIBA members and posted on the RIBA website. Sustainability has emerged as a paramount concern in the architectural industry today. The integration of sustainable practices and technologies not only helps protect our environment but also yields healthier, energy-efficient buildings. Recognising the significance of sustainability and the substantial investments architects make in research and development (R&D), Beavis Morgan R&D, a specialist adviser to...

04 May

April 2023 changes to R&D Scheme – How will this impact your business?

by Georgina Swain

in R&D Tax Relief

In our recent webinar, we looked at the changes to the R&D Tax Relief scheme which came into force in April 2023 and discussed how businesses can prepare for these changes. We also highlighted the potential benefits and drawbacks of the new scheme and provided practical tips on how to maximise your R&D Tax Relief claim under the new rules. Here is a summary for those...

16 Mar

Research and Development (R&D) Relief – Spring Budget 2023

by Georgina Swain

in R&D Tax Relief, research

For expenditure on or after 1 April 2023, the Research and Development Expenditure Credit (RDEC) rate will increase from 13% to 20% but the small and medium sized enterprises (SME) additional deduction will decrease from 130% to 86% and the SME credit rate will decrease from 14.5% to 10%. A higher rate of SME payable credit of 14.5% will apply to loss-making SMEs which are...

08 Mar

HMRC see an increase in fraudulent claims for R&D tax relief

by Georgina Swain

in R&D Tax Relief, Uncategorized

HMRC state that they have seen an increase in fraudulent claims for Research & Development (R&D) tax relief. They believe companies in certain sectors are being deliberately targeted by third parties to make inaccurate R&D claims as an amendment to their Company Tax Returns. As a result of this, they are increasing their compliance enforcement activity. As part of a “One to Many” letter campaign, HMRC...

08 Feb

Important R&D changes from April 2023

by Georgina Swain

in development, R&D Tax Relief, research, Uncategorized

The government are committed to a number of important changes to Research & Development (R&D) tax relief from 1 April 2023. It also looks increasingly likely that the two existing systems will be merged into a single system in future years and we hope to hear more in the March 2023 Budget. We already know that there will be a significant reduction in the tax relief...

19 Jan

Government proposes an overhaul to R&D tax credits for SMEs

by Georgina Swain

in R&D Tax Relief

In a consultation document published on 13 January, the government said that there was "justification to the case for further support" of small and medium-sized businesses (SMEs). Following plans to eliminate an existing incentive, the government has proposed introducing R&D tax breaks for SMEs. In November's autumn statement, Chancellor Jeremy Hunt reduced R&D incentives and rebalanced investment incentives in favour of larger companies, sparking a backlash from...

18 Nov

Autumn Statement 2022: Rebalancing of R&D Tax Relief

by Georgina Swain

in R&D Tax Relief

In Thursday’s Autumn Statement, the Chancellor announced changes to both the large company and SME Research & Development (R&D) tax relief schemes in an attempt to rebalance them and ensure taxpayers’ money is effectively spent. The following changes will apply to expenditure incurred on or after 1 April 2023: The additional deduction for claims within the SME scheme will be reduced from 130% to 86% ...

01 Nov

Creating value through innovation

by Georgina Swain

in R&D Tax Relief

Innovation has generally been recognised as essential for value creation, both for individual companies and for the UK economy as a whole. The development of new ideas, processes and technologies and their flow across different sectors is a significant driver of economic growth and productivity. Recently, innovation has also been identified as crucial to the transition of the economy away from fossil fuels and carbon-intensive...

18 Oct

Made Smarter Innovation Alley 2022

by Georgina Swain

in R&D Tax Relief

Businesses can now apply for a chance to exhibit for free at Made Smarter Innovation Alley, part of Smart Factory Expo. It is taking place during the Digital Manufacturing Week in Liverpool from 16 to 17 November 2022. Innovation Alley provides a space for innovators to showcase new and developing technologies that will change the landscape of UK manufacturing over the next five to ten years. Fully...

18 Aug

Sustainable Farming Incentive opens for applications

by Georgina Swain

in R&D Tax Relief

The Sustainable Farming Incentive is open for applications in England. The scheme is available to all farmers who currently receive Basic Payment Scheme (BPS) payments. It is designed to be accessible and will reward sustainable practices which support food production and benefit the environment. The Sustainable Farming Incentive is the first of three new environmental land management schemes being introduced under the Agricultural Transition Plan, the UK’s new...

16 Aug

Client endorsement: Review provided by Capcon Limited

by Georgina Swain

in R&D Tax Relief

Capcon is innovating to help businesses manage risk and grow their profit. Capcon brings extensive expertise to the stocktaking process, through the development of a highly specialised and comprehensive cloud-based stock controls platform. Effective stock management is essential to safeguard against loss and protect profits. At Capcon, we use our specialist knowledge in the hospitality sector alongside our software platform to deliver valuable insights to our clients to: -...

27 Jul

Fast Start: Innovation

by Georgina Swain

in R&D Tax Relief

Innovate UK is offering small and micro businesses a share of up to £30 million in grants alongside tailored business support delivered by Innovate UK EDGE. You can apply for up to £50,000 for highly innovative ideas that have a clear route to commercialisation through business growth. Your project must lead to new products, processes or services that are significantly ahead of others currently available, or propose...

25 Jul

Innovate UK Smart Grants

by Georgina Swain

in R&D Tax Relief

Innovate UK, part of UK Research and Innovation, is investing up to £25 million in game-changing, and world-leading ideas, designed for swift, successful commercialisation. Ideas need to be genuinely new and novel, not just disruptive within their sector. The competition closes on 27 July 2022. Your proposal must be business focused, with deliverable, realistic and adequately resourced plans to achieve a return on investment, growth and...

21 Jul

R&D Tax Relief: New reforms announced

by Georgina Swain

in R&D Tax Relief

Following stakeholder feedback from the consultation held by the UK government, the Spring Statement 22 announced a number of beneficial reforms to be brought into effect from 1st April 2023. These include the following: Enhanced Research & Development (R&D) Tax Relief potential: Acknowledging that the appointment of overseas subcontractors and agents is sometimes absolutely necessary, the costs associated with their commissioning will continue to be allowable in...

25 May

Engineering and technology startup competition

by Georgina Swain

in R&D Tax Relief

The Regional Talent Engines programme is a new offer that will provide a tailored programme of support to aspiring engineering and technology entrepreneurs in Northern Ireland, North West England, North East England, and Yorkshire & Humber. The programme is designed to provide you with the practical support you need to help refine your innovation and bring your vision to life. By the end of the programme you will be...

27 Apr

England’s largest ever seagrass planting hits new milestone

by Georgina Swain

in R&D Tax Relief

England’s largest ever seagrass restoration project has reached a new milestone by planting around 70,000 seed bags spanning 3.5 hectares of seabed, which will provide vital habitat for marine life. The £2.5 million LIFE Recreation ReMEDIES partnership to ‘Save Our Seabed’ led by Natural England and funded by the EU LIFE Programme, was launched in July 2019. It is seeking to protect and restore sensitive seabed habitats which...

13 Apr

Energy Entrepreneurs Fund phase 9

by Georgina Swain

in R&D Tax Relief

The Department for Business, Energy & Industrial Strategy (BEIS) has launched phase 9 of the Energy Entrepreneurs Fund (EEF9) supporting the development of technologies, products and processes to reduce greenhouse gas emissions and security of supply. The competitive funding scheme supports the development and demonstration of state of the art technologies, products and processes in the areas of energy efficiency, power generation, heat generation, energy storage, reducing...

11 Apr

UK entrepreneurs given cash boost to help drive greater clean energy independence

by Georgina Swain

in R&D Tax Relief

Energy entrepreneurs driving forward innovative ways of cutting the UK’s reliance on expensive fossil fuels have the chance to make their plans and ideas a reality, thanks to £10 million in government funding. The ninth round of the Energy Entrepreneurs Fund (EEF), which seeks to promote new clean technologies across all sectors of the UK economy, is opening for applications as the government drives forward plans...

04 Apr

UK FinTech Week 2022

by Georgina Swain

in R&D Tax Relief

UK FinTech Week runs across the UK from 4 April to 8 April 2022 and will showcase innovation in financial services on a global stage. UK Fin Tech Week is returning as a brand new hybrid concept and we can expect five days of important content delivered by some of the biggest names in finance, government and tech. FinTech founders, bank ex-cos?, technologists, entrepreneurs, investors, regulators, policy-makers,...

14 Mar

Beavis Morgan responds to the Government’s R&D Tax Reliefs Report

by Georgina Swain

in R&D Tax Relief

Last year the Government launched a review of the Research and Development (R&D) tax relief schemes. The objectives were to ensure that the UK remains a competitive location for cutting edge innovation, that the reliefs continue to be fit for purpose and that taxpayer money is effectively targeted. A consultation was carried out and the Government announced at the Autumn Budget 2021 that it will...

08 Feb

Various innovation programmes launched

by Georgina Swain

in R&D Tax Relief

There are several innovation incentives which have been launched since the start of the year, all aimed at incentivising businesses to support key government sustainability initiatives: Hydrogen BECCS Innovation Programme The Department for Business, Energy & Industrial Strategy (BEIS) has launched a new programme to help develop innovative technologies to produce hydrogen, a clean energy source, from sustainable biomass and waste. The Hydrogen BECCS Innovation Programme is funded...

03 Feb

R&D Tax Relief for website and app development

by Georgina Swain

in R&D Tax Relief

A common misconception when it comes to HMRC’s R&D Tax Relief scheme, is that the only type of computer science/IT (Information Technology) projects or activities that can be claimed for under the requisite legislation, are those that exist in the domain of what are thought of as more nascent or emergent technology types. Examples here being Artificial Intelligence (AI), machine/deep learning and the use of...

02 Feb

Defence Innovation Loans applications

by Georgina Swain

in R&D Tax Relief

The Defence and Security Accelerator (DASA) launched Defence Innovation Loans in 2021 to offer small and medium-sized businesses affordable funds to help commercialise their innovations. The scheme was run in cycles; the last of these closed on 5 January 2022. After internal review, DASA has decided to tweak the format of the scheme to keep Defence Innovation Loans continuously open for proposals. The changes mean innovators can...

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