13 October 2020
HMRC recently published a consultation document to explore how the scope of qualifying expenditure for research and development (R&D) tax credits ought to evolve to reflect the modern trends in R&D. This is a welcome step in ensuring that the UK has a tax regime which is internationally competitive and supports future investment in innovation.
New statistics from HMRC have revealed there was a 22 per cent year-on-year rise in the number of claims for research and development (R&D) tax credits submitted by East Midlands companies in 2018-19, with the level of tax relief claimed also rising by 33 per cent.
The latest HMRC statistics on Research & Development tax relief reveal that in 20 years, over 300,000 claims have been made, delivering £33.3bn of tax relief to UK businesses since its introduction in 2000.
18 September 2020
Following the Governments third consultation on research and development (R&D) tax reliefs of 2020 in early July, we explore the promising signs to bring the regime into the current digital age.
Phil is a tax director focussed on UK and international tax, with over 20 years’ experience, mainly within the Big 4 and in industry.
04 August 2020
The Chartered Institute of Taxation has introduced new guidance for professional conduct surrounding R&D tax credits. However, more could be done on registration and accreditation to stamp out questionable claims.
08 July 2020
The Department for Business, Energy & Industrial Strategy (BEIS) published its UK R&D Roadmap last week. But getting this plan to a point at which it can be effectively deployed will require real engagement between Government and business over the coming months.
23 June 2020
The extent of planned capital expenditure (capex) cuts by large listed companies in the UK was last week predicted to reach somewhere in the region of £23bn. CFOs seem to favour cash preservation over investment. What can Government do to lure business leaders away from their spending funk? Boosting the level of R&D tax relief available and relaxing the qualifying criteria would be a good starting point.
Michael is a tax partner based in the Nottingham office. Michael works with corporate clients delivering commercial tax advice on international and domestic tax matters including; global tax compliance, overseas expansion, mergers and acquisitions, corporate structuring, new developments in tax law, tax technology and governance, transfer pricing and tax accounting.
30 April 2020
New data published by HMRC has revealed a number of positive trends, pointing to the continued importance of R&D tax credits in the East of England.