R&D Tax Relief

A proposal of enhancing the Research and Development (R&D) Tax Relief Scheme has been published in a report* by economic public affairs specialist, WPI Strategy, and backed by the leaders of eight major trade organisations. The modelling shows the suggested reforms, most notably, allowing the inclusion of capital expenditure in R&D tax claims, which would create £4billion of growth and 12,000 new jobs within 10 years....

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UK Government business support and incentives have become more important than ever to transition the potential impacts of COVID-19 and Brexit in 2021 and beyond. The government’s commitment to become a ‘science superpower’ will require increased investment in Research and Development (R&D) with the government’s long-term industrial strategy aiming to raise R&D investment to 2.4% of GDP by 2027. Alongside our scientists, Britain’s booming tech industry has...

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Comments from Beavis Morgan: At Beavis Morgan, we believe in the integrity of the Research and Development (R&D) Tax Relief scheme and welcome changes to avoid abuse thereof, but we are also committed to helping our clients make the best use of R&D credits as a valuable and legitimate tax relief to support growing businesses across a wide range of sectors. Following a consultation process, HMRC has...

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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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