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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
Comments

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,...

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16 Mar

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

by Georgina Swain
in R&D Tax Relief, research
Comments

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...

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08 Feb

Important R&D changes from April 2023

by Georgina Swain
in development, R&D Tax Relief, research, Uncategorized
Comments

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...

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19 Feb

Calls for Chancellor to enhance R&D Tax Relief

by Georgina Swain
in Covid-19, R&D Tax Relief, research, taxcredits
Comments

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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16 Nov

COVID-19 Vaccine – Research & development beyond Pfizer

by Georgina Swain
in Covid-19, development, R&D Tax Relief, research, taxrelief
Comments

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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11 Aug

Responding to the COVID-19 pandemic – R&D Tax Relief

by Georgina Swain
in Covid-19, development, R&D Tax Relief, research, taxcredits, taxrelief
Comments

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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15 Jul

R&D Tax Relief – What IT/software projects and activities qualify?

by Georgina Swain
in development, IT, R&D Tax Relief, research, taxcredits, taxrelief
Comments

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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13 Mar

Beavis Morgan Budget 2020 Summary Report

by Georgina Swain
in development, R&D Tax Relief, research, taxcredits, taxrelief
Comments

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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11 Mar

Budget 2020 – Investing in innovation

by Georgina Swain
in development, R&D Tax Relief, research, taxcredits, taxrelief
Comments

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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