We are R&D tax relief specialists, so most important for us is confirmation of the increase in R&D relief announced in 2014 Autumn Statement; the rate of the above the line credit increases from 10% to 11%, and the rate of the SME scheme from 225% to 230%, from 1 April 2015. It's been getting stronger every year since it's introduction, there's never been a better time to have a look at it.
Corporation tax itself will be reduced to 18% by 2020, you've probably seen that, but here are some things that were a little harder to find -
- Support for post graduates and apprenticeships is increasing (starting with extra loan availability, with details tbc by Government)
- While on academia, Government will review capital gains tax applying to academics selling companies they form around their inventions
- Government continues to swap cups around to raise cash, selling the Food and Environment Research Agency for £20 million and the Defence Support Group for £140 million, whilst reinvesting some of the money regionally
- Such as an "Advanced Wellbeing Research Centre" in Sheffield (£14m)
- An £11 million investmentin tech incubators in Manchester, Leeds and Sheffield
- The Midlands gets a £60 million "Energy Research Accelerator" (these names should really need no extra explanation)
- £30 million from selling Medical Research Council assets goes to the Francis Crick Institute (biomedical research)
- Still with us?
- £138 million of funding towards the UK Collaboratorium for Research in Infrastructure and Cities (UKCRIC) – for a resilient and responsive infrastructure
- Self driving cars get a boost of £100 m (R&D for Intelligent Mobility)
- The Internet Of Things (to add to the Internet Of People that we all use now), gets £40 million for large scale demonstrator programmes and a research centre. Put another way, money to help your newly internet enabled fridge be able to order things for itself.
Finally, a relatively small but hopefully significant £3.5 million will go to " explore ways of protecting vulnerable people from nuisance calls."
For more information on our R&D tax credits service, have a look at our introduction, or simply call us for a no obligation chat.