R & D Update January 2022 – HMRC ConsultationOverseas R & D Activity by Agency Workers & Subcontractors Notification of Project Work to HMRC in Advance Both the SME & Large company [RDEC] RD schemes provide valuable relief for UK based companies. Key changes for companies with overseas cost centres lie ahead & for all…(Read More)

Chancellor’s Autumn Speech – RD Tax Credit incentives HMRC remain concerned at the continued abuse of the RD tax credit scheme and rightly so. Whilst striving to improve its effectiveness, the Budget announced further reform markers to encourage innovative companies to bring their RD operations onshore (see below, 2.750. The UK is certainly well…(Read More)

In the most extreme public financing environment since the 1930’s recessions, Rishi Sunak delivered a growth focused Budget yesterday with immediate and longer term support to a range of sectors and businesses. For innovative companies, the intended move to a 25% corporation tax regime from FY [01 April] 2023 sets us back to the…(Read More)

The rules on R & D tax relief for subcontractor costs will change from 01 April 2021. Disappointingly, the PAYE cap abolished in the 2015 Finance Act will reappear, restricting RD tax credit payments for small companies to the amount of PAYE contributions paid over to HMRC in the same accounting period. Important exemptions are…(Read More)

February 2021 Update

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‘UK R & D tax relief cannot be granted unless there is clear evidence of a scientific or technological ‘advance’ in capability or competence. Sometimes this can be the full scale invention of a new product, process or system; sometimes it may be the slightest gradation of an improvement. Whatever the degree, the advance must…(Read More)

World events continue to challenge us all across every border, industry and society and we do wish hope and health to all. The UK Government has consolidated its Digital Services Tax code during 2020 and this was enacted earlier this year providing a basis for large digital marketing companies to contribute to the UK exchequer…(Read More)

The below assistance is or will shortly be available to businesses affected by the current circumstances. Very sadly we have seen scam email and phone traffic today offering ‘help’ in securing additional RD funding. This is bogus and NOT the case, the Gov support is only that listed below, and the usual RD breaks apply…(Read More)

In these very difficult times, we hope that our clients and contacts are safe and well. UK companies should be aware of the following assistance: The RD and creative sector reliefs and RD cash back schemes continue to operate unchanged. There is full commitment by the government to ensure timescales are maintained. Companies should continue…(Read More)