From Maria Kitt Whilst the Budget announcements provided some encouragement to the SME economy, sadly the RD sector received a shock announcement throwing us back to the pre 2007 gloom where tax credits are pegged to a tax ‘cover’ of PAYE / NIC contributions. The excuse is that HMRC have discovered fraudulent claims and are…(Read More)

UK RD tax reliefs have now reached their highest ever level of generosity following the Finance Act (Budget) 2018. Innovative companies can now obtain valuable tax reliefs, tax credits and grant funding at a level that is one of the most generous in the world. We were therefore delighted to see Maria Kitt completing the…(Read More)

Whilst no further tax rate changes were contained in the Chancellor’s Spring Statement, we did see further traction in the UK corporate road tax for innovators. Consultations were announced to enhance capital funding for RD and innovation with probable tax breaks for business angels and investors in ‘enterprise’. Read more details here…(Read More)

Anyone who has spoken personally to me about this topic, will recall, depending upon their interest levels, a discussion around the volume of legislation open to HMRC and other international tax authorities to counteract profit erosion (polite term), profit shifting, dividend shifting and premium payments for intellectual property assets, rights and similar. There are both…(Read More)

The ‘Science Budget’ of December 2017 made a number of improvements to the tax regime for innovative companies. Headlines include a reduced corporate tax rate (19%) and an uplift in the RDEC R & D tax credit for large companies performing R & D with effect from 01 January 2018. These changes are now passing…(Read More)

Although almost unremarkable, and against the backdrop of a downgraded O.B.R growth forecast, the first Autumn Statement contained three improvements in the reliefs and incentives on offer to UK innovators, in terms of improved RD relief for large companies and investment incentives in the RD sector. Perhaps an improvement in the SME RD…(Read More)

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Following Monday’s meeting with HMR D Consultative group, HMRC have announced an important concession on employee expense payments opening the way for companies with inadequate relief to amend old claims. The problem was highlighted in our earlier Tax Insight as HMRC changed their narrow interpretation of eligible employee RD expense payments. The details can…(Read More)

Philip Hammond’s Budget Speech provided assurance for R & D companies of the government’s continued committment to the innovative economy. Although tax relief and tax credit rates are unchanged, some encouragement has been announced for larger companies and organisations at the forefront of new technologies. Perhaps eclipsed by ‘NICgate’ the Budget acknowledges Britain’s…(Read More)