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R&D Tax Credits Tag

04 May

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

by Georgina Swain
in R&D Tax Relief
Comments

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...

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05 Mar

Understanding R&D Tax Credits – FAQs

by Georgina Swain
in Uncategorized
Comments

The UK Government’s Industrial Strategy has committed to increase investment in research and development (R&D) in the UK to committing to a £39.8 billion R&D budget for 2022-2025 to help deliver the government's Innovation Strategy and drive forward ambitions as a science superpower. The allocations will help the government reach the goals set out in the Innovation Strategy. These investments will also help the UK reach...

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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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02 Dec

Preventing abuse of the R&D tax relief for SMEs: Second consultation

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

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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19 Feb

Delays to tax credits force startups to raise costly emergency funds

by Georgina Swain
in R&D Tax Relief
Comments

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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17 Jul

8 out of 10 transport businesses eligible for R&D tax relief

by Site Administrator
in R&D Tax Relief
Comments

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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03 Jul

Is your business eligible for R&D Tax Relief?

by Site Administrator
in R&D Tax Relief
Comments

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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26 Jun

What criteria does your business need to meet to qualify for R&D?

by Site Administrator
in All, R&D Tax Relief
Comments

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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