As we approach the beginning of FY 2024, [ 01 April 2024], writes MARIA KITT, PARTNER TAX INSIGHT UK, a number of key changes will take effect, building on the initial HM Treasury 2021 Consultation and outline ‘Corporation tax roadmap’ for innovative companies. The last part of these reforms focuses upon promoting inward RD…(Read More)

Yesterday the Chancellor’s proposals to move toward a single RD incentive began their legislative process through parliament, consolidating the reforms begun by HM Treasury in November 2021. For innovative companies, the changes will be fairly marginal and interestingly there was no sign of the offshore subcontracting limitations appearing yet in legislative proposals (Good news…(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.…(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)