Each successive budget has made R&D tax credits more rewarding for companies engaging in eligible work. Budget 2015 follows this trend giving further support to the measures introduced last autumn to strengthen R&D tax relief.
The focus in this budget is encouraging small companies to claim for the first time with the introduction of Voluntary Advanced Assurances.
- Small companies will be able to seek pre-approval for claims for a three year period
- New guidelines for small companies will be published
- A two year publicity strategy has been announced to raise awareness of R&D tax relief with a road map for further development due in the summer
- From 2016 the time taken to process R&D tax credit claims will be reduced
We're excited to see increased incentives for innovation in business. The measures demonstrate Government's continuing commitment and investment in the mechanism as a support to UK companies.
In their Small Business Consultation document from January 2015 HMRC recognise the role of intermediary R&D tax specialists to provide advice and assist companies with their claims. To find out how we can help support your business contact our R&D tax team.
0115 824 0402