With businesses across the globe struggling to adapt and survive in a coronavirus landscape, tax incentives continue to offer a way to boost cash reserves available to reinvest.
Research and development (R&D) tax relief and payable R&D tax credits are part of the government’s strategy to encourage investment in innovation in the UK and HM Revenue and Customs (HMRC) continues to encourage businesses investing in UK based innovation to take advantage of this generous tax relief. Despite the continuous need for innovation and bespoke solutions, there are two common assumptions made by companies: they do not undertake any qualifying R&D activities, and it is too difficult to make a successful claim. Companies in almost all sectors will undertake some qualifying R&D.
R&D claims could entitle businesses to significant tax relief, which results in either a reduction in the amount of corporate tax payable to HMRC and in some cases a significant cash repayment.
Our specialist teams, located across the country, come from both technical and tax backgrounds, so they have a deep understanding of your business and the activities that qualify for R&D relief. Our strategy is to provide a service to our clients locally, so that we stay closer to you and the markets in which you operate. This means we can develop strong personal relationships that generate real value.
Will the consultation on R&D tax incentives go far enough?
Businesses should review the cash-flow impact of the reintroduced cap on payable SME tax credits
More needs to be done to regulate R&D tax credit to weed out poor advisers