Start the year with some much-needed clarity on existing and upcoming changes to R&D tax relief. With the landscape of R&D tax relief undergoing substantial changes, it’s crucial that you stay informed and prepared, as these are set to impact how you plan and claim R&D tax credits for your clients.
Read our guide for a reminder to secure your claims before the deadline and learn more about how to prepare for the upcoming changes in R&D tax incentives.
In his Autumn Budget Statement, the Chancellor announced significant updates to UK R&D Tax relief. With the landscape of R&D tax relief undergoing substantial changes, it’s crucial that you stay informed and prepared, as these are set to impact how you plan and claim your R&D tax credits.
Nearly half of all claims submitted since August 8th being declared invalid by HMRC, showing the need to submit accurate claims.
This week, draft legislation has been released, shedding light on the merging of the existing SME scheme and RDEC scheme into a single, unified R&D tax relief program. This new scheme is slated to be effective for accounting periods commencing on or after 1st April 2024. As of now, the main features of the proposal…
As of August 8th, there are significant changes to the process of claiming R&D tax credits. From this date, new criteria will apply to all R&D claims, regardless of the tax year they are for. Failure to meet these requirements will result in the rejection of incomplete submissions by HMRC. Notable adjustments will be introduced…
World Intellectual Property Day is a global observance held on April 26th to raise awareness about the significance of intellectual property rights in fostering innovation. The theme for this year’s celebration is “Women and IP: Accelerating Innovation and Creativity,” which recognises the contributions of women to the world of innovation. Safeguarding your IP is vital…
We’d like to make you aware of the biggest change to European Patent Law since its inception in the 1970s (Unified Patent Court). It will happen on the 1st of June 2023, and might impact you if your business holds European Patents. Unified Patent Court On Feb 17th 2023, Germany ratified the Agreement on a…
What is a Trade Mark? Trade marks indicate the origin of a product or service to the public and are an important form of Intellectual Property (IP). Trade marks (TM) are registrable, which means you can apply to get your trade mark registered at a national or Regional IP Office (e.g. the UK IP Office…
Thanks to being homebound during multiple lockdowns, DIY fever has gripped many people throughout the UK and Ireland. DIY projects have ranged from small jobs — such as finally hanging the ‘new’ curtains which were purchased back in 2015 — to the more extravagant new home builds. This has resulted in increased opportunities for many…
Farming plays a crucial role in our society, providing fresh produce for our plates, wool for our woolies, honey for our porridge and a multitude of other essential products to meet our demands. As with many industries, farming is being hit with numerous challenges as governments seek to create a more environmentally friendly and carbon…
As the economy starts to recover from the covid-19 pandemic, a new dawn of technological optimism is breaking (to borrow a quote from The Economist). The response to the virus has been phenomenal, with people and organisations working at speed to meet significant shortages and challenges. There have been many notable successes, including: Manufacturers pivoting…
Scientific evidence suggests that climate change is happening and that human activity is heavily contributing to it. This has been recognised for decades, and in 1992 the Rio Earth Summit adopted a global plan of action for sustainable development. Today, the need for a sustainable approach is widely accepted within the architecture and construction industries.…
Here is an analysis of the key points from the Budget that relate to R&D tax credits: Review of R&D Tax Credits The major point of interest is that a detailed review of R&D tax credits is to be undertaken by the Government. Initially there is a consultation period where businesses, advisers and other…
What makes the perfect drink? For you, it might be a long Gin and Tonic after a week’s work. Perhaps it’s a cool cider in a sunny garden, or a glass of red wine with your meal. There is also the non-alcoholic industry to consider which has enjoyed a recent surge in popularity making it…
Modern life is continually improved by products that have mobility as a key benefit. From the simple wheeled suitcase to the lightweight cordless vacuum cleaner, companies are spending valuable resources on research and development (R&D) to develop products that make our busy lives easier. Less eye-catching, but no less valuable, mobile products are also being…
We were approached recently by The Times to write an article on R&D tax credits, which we were very happy to do. It fits in nicely with our mission to raise awareness of R&D tax credits and the benefits that they provide. The article – entitled ‘Looking for a cashflow boost for your company?’ -…
It is the pet project of many veterinarians to boost the effectiveness of their practices – and investment in research and development (R&D) is a proven way to achieve this. There are many approaches to make your veterinary business more efficient and boost your ability to care for animals both large and small. Whether your…
Late last year HMRC circulated an in-depth collation of statistics analysing Research and Development (R&D) tax credit claims and Patent Box (PB) tax relief showing an upward trend in both the number and amount of R&D credits claimed. The latest R&D tax relief evaluation reports – covering the R&D tax relief for SMEs and the…
R&D Tax Credit Advisers There are now many advisers who prepare R&D tax credit claims on the market, although a lot of the work is very low in quality (we know because we have seen it!). Companies involved in a core R&D sector are being inundated with phone calls, letters and emails from advisers on…
Reduce your Company’s Corporation Tax by Claiming R&D Tax Credits Everyone loves paying less tax or getting a cash rebate – and R&D tax credits are an excellent way to achieve this. They’re a government incentive designed to encourage companies to innovate, and they can lead to significant savings in corporation tax. You can even…
Low Quality R&D Tax Claims HMRC are aware that a large number of low quality R&D tax credit claims are being submitted and have announced that they are recruiting 100 compliance staff this financial year to ensure claims are compliant and to undertake investigative work and risking. If you are confident that your R&D claims…
Food, glorious food! We all love and require food to survive, so it is no wonder that there are billions of pounds spent keeping up with the latest food trends and trying to stand out from the crowd. Scientific and technological advancements are enabling boundaries to be broken and the food sector to be thriving…
To make an excellent meal you need the right ingredients, and you need to know how to combine them such that they make more than the sum of their parts. Developing new composite materials is no different. Through combining ingredients, or materials, with cutting edge development, composite technologies can make vast improvements in efficiency and…
“Does this activity qualify for R&D?” This is one of the most common questions we are asked by clients and accountants, and often the answer is not easily arrived at. Software development is no exception in this regard. In fact, in a sector where new technologies can emerge, gain prominence and fade into obsolescence in…
Technological advancements and innovations are driving improvements in all areas of agriculture, from livestock producers to crop growers. Maintaining a competitive advantage in this evolving industry through research and development (R&D) helps to optimise processes and maximise efficiencies and yields, ensuring healthily returns on investment. There’s no question as to the benefits of R&D, regardless…
Sustainable energy is arguably the most pressing issue for the longevity of our planet. As such, many companies have identified the opportunities in this field and the benefits of providing green energy to consumers. With increased consumer interest in sustainable energy – and forecasts predicting up to half of the UK’s electricity will come from…
Most industries are governed by legislative and regulatory bodies, and professional associations. These bodies range from the Health and Safety Executive (HSE), the Engineering Council, British Standards Institute (BSi) and the European Union (EU) Standards bodies including CEN, CENELEC, and ETSI. On the surface, regulatory standards may appear tedious to some. However, dig a little…
You may already know this, but the Agri-Food industry is one of the most research and development (R&D) intensive sectors in the UK and Ireland. This is being driven by consumer and media preferences towards healthier diets and more sustainable living, and has resulted in an unprecedented level of activity and innovation in the industry.…
The Government announced today that it is pledging £750m of targeted support to who it describes are “the most R&D intensive small and medium size firms.” It comprises the following support: £175,000 of support will be offered to around 1,200 firms not currently in receipt of Innovate UK funding. This may well have the widest appeal…
HMRC are faced with unprecedented demand at the current time. They play a critical function in helping companies access cash that is available from R&D tax credit claims. I am giving you an update in terms of the processing of R&D tax credit claims by HMRC from direct communication we have recently had with their R&D…
These are unprecedented times in our recent history and there is significant uncertainty for most businesses. Cash generation is going to become critical over the coming weeks and months. One cash-generating option that companies need to consider is R&D tax credits. This is a lucrative tax incentive that can generate significant cash sums. Given the…
For many in the world of concrete, the process of trying something new can be daunting. Like an artist setting out to paint, innovators in this sector do not know if they will create a masterpiece or a failure. Thankfully however, many keen entrepreneurs forge forward regardless, believing for the best and enjoying the development…
