Month: July 2015

Tax Insight has been shortlisted for the ‘Innovative Firm of the Year’ in the Practice Excellence Awards of Accountancy Web.
We are delighted to be shortlisted for this Award which comes at a very exciting time for innovative Companies. Our clients continue to go from strength to strength and this industry wide recognition for the Tax Insight approach to Tax for innovative companies is great news.
Find out more about the Awards here: http://www.excellence.accountingweb.co.uk/awards

In brief, the Chancellor announced two changes likely to affect the R & D community yesterday:

1. A cut in UK corporation tax rates from 20% to 19% from 01 April 2017 and a further drop to 18% from April 2020

2. An alignment to the RDEC (large company R & D tax credit) for Universities and Research Institutes

The drop in corporate tax rates is particularly welcome and hopefully further paves the way for a further uplift in the rate of R & D tax relief for innovative companies ( we continue the pressure to uplift to 330%)!

But I am often asked about the UK’s long term commitment to R & D and the wider corporate tax road map for innovative companies. So it was interesting to hear a talk from the Minister of Science a few days before the Budget, confirming the Chancellor’s strong support for R & D and the UK’s high regard and direct support for the work of the innovation community. This now includes an investment of £6.9bn in infrastructure up to 2021 and the announcment of funded capital projects of £2.9bn for frontier R & D project work.

Take a look at the Minster of Science talk and the UK’s commitment to the R & D community here:
https://www.gov.uk/government/speeches/research-innovate-grow-the-role-of-science-in-our-long-term-economic-plan