New information requirements for the electronic filing of RD relief incentives were formalised in the publication of SI / 2024 / 950  on 11 September. These consolidate the initial ‘Additional Information’ requirements first outlined in Finance Bill 2023 (Autumn)[1] providing HMRC with protection from erroneous or fraudulent claims. The Regulations cover claims within…(Read More)

The UK government has been relatively quiet about ongoing support for the feted ‘Science Super Power’ we are to become by 2030 in the run up to the election writes MARIA KITT, Director, Tax insight UK. However, we spotted a boost for those within green automotive & EV technologies was ‘recently’ announced: does the amount…(Read More)

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)

Our expert author MARIA KITT, was asked to brief the accountancy and tax profession on the Autumn Statement tax policy changes. The full article can be read here: Click Here To Read The Article Maria Kitt – R&D-6-Dec-2023Download…(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)

And is now published by Bloomsbury Profesional Press, live online here, covering the key FA 2023 changes to UK tax incentives, including: The digitalisation of claims and claim notifications, effective from August 2023. The extension of the tax definition of R & D cost collection to include wider data costs and cloud computing costs The…(Read More)

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)