Corporation tax deductions: What is a tax deductible company expense? asks MARIA KITT, Director Tax Insight UK Its not often we have an interesting tax case to steer our attention away from our innovative companies. This case is an exception – Back in 2014, Scottish Power claimed a tax deduction of some £28m for…(Read More)

RD Claims – Additional Information Requirement effective 01 August 2023. MARIA KITT, Director Tax Insight explains HMRC now required additional information to support ALL claims for RD incentives & Reliefs, with some companies being required to make advanced notification of their intention to claim. Unsurprisingly, the new system has quickly weeded out deficient claims that…(Read More)

For both SME and RDEC claimants, a notification of the intention to claim RD tax reliefs and incentives is now required for accounting periods beginning after 01 April 2023. These changes are part of the HMRC compliance measures to protect the schemes and improve efficiencies. Check if your company needs to make a notification here…(Read More)

Following on from HM Treasury’s Review of the effectiveness of UK RD reliefs in November 2021, writes Maria Kitt, Director Tax Insight, the Spring Budget 2023 has formulated various rate and administrative changes to the SME and RDEC schemes. Is your company an ‘SME RD INTENSIVE ENTITY?’ in which case, the proposed reductions to…(Read More)

MARIA KITT Explains this paper incorporates the widening in the UK definition of RD for tax purposes, to include maths as a science within the definition framework. This update can be viewed below. This expanded definition replaces the 2010 legislation previously in use. http://www.gov.uk/government/publications/guidelines-on-the-meaning-of-research…(Read More)

On 13 January HM Treasury’s Consultation on a Single RDTR Scheme was opened for comment, this follows the December Budget speech. Since the RDTR schemes were first introduced, there have been more legislative and consultative changes to this set of tax incentives than any other piece of corporate tax legislation. MARIA KITT, Corporate Tax…(Read More)

UK Science & Technology companies face a difficult year ahead, says MARIA KITT, TAX DIRECTOR, TAX INSIGHT UK, with many  lags and quirks still buried deep in global supply chains; workforce and overhead cost issues making the economy a challenging place for us. Our wish for 2023 is for the UK Government to recognise…(Read More)

Chancellor Jeremy Hunt’s Autumn Statement (17 November 2022) announces significant changes to SME R&D Tax Relief and the Research and Development Expenditure Credit (RDEC), MARIA KITT has summarised – In the statement, the Chancellor confirmed the government is making substantial cuts to the rates of SME R & D reliefs and tax credit…(Read More)

In December 2020, HMRC quietly released a draft supplementary form (CT600L) to be completed by all companies claiming either the payable SME R&D tax credit or the R&D Expenditure Credit (RDEC) from 1 April 2021. The form has now been finalised and published on HMRC’s website. What is the CT600L…(Read More)

From Maria Kitt: 2022 Spring Budget reforms were announced by the Chancellor of the Exchequer following the HM Treasury Report of November 2021 to increase the effectiveness of the UK’s RD reliefs and incentives but at the same time protecting the taxpayer from abuse and avoidance. Research into the adoption of these key reforms…(Read More)