What Counts as R&D for Tax Credit Purposes? R&D Tax Credits are a valuable government incentive designed to reward businesses for investing in developing new products and processes. However, one of the most common questions businesses ask is: What exactly...
There have been significant changes to contractor and EPW payments within the R&D Tax Credit scheme. We have summarised these changes below. Foreign Contract Payments Effective for accounting periods commencing after 1st April 2024. Companies will no longer be...
In the past 2 weeks, we have unfortunately had to inform 2 companies that they are not eligible to file an R&D Tax Credit claim for their accounting period ending 31st March 2024. This is on the basis that they were considered first-time filers. They did not file...
The Chancellor announced in the UK autumn budget, that the R&D Tax Relief rates will remain the same. After roughly two years of many R&D relief rate changes, along with a new merged scheme. A new scheme for high-intensity R&D SMEs, and changes to eligible...
According to HMRC, the following is a summary of R&D Tax Credit filing statistics for 2022-2023. The provisional estimated amount of total R&D Tax relief support claimed for the tax year 2022 to 2023 was £7.5 billion. An increase of 1% from the previous year....
Industries that could qualify for R&D Tax Credits As we all know technology is constantly evolving. However, it is sometimes overlooked that evolving technology affects every industry. Most people think of tech and manufacturing companies when it comes to which...
