Innovation in the Textile Sector

Research and Development in the Textile Sector. 

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Budget 2021 – Enhanced Value of R&D for Companies

The cost to the taxpayer of Covid by the end of the next financial year is predicted to be £407 billion, much of which has been funded by debt. 

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R&D Tax Relief: Preventing abuse of R&D for SME’s

Following our previous blog posts on HMRC’s intention to prevent abuse of the Research and Development (“R&D”) Scheme for SME’s (https://blog.aab.co.uk/rd-tax-relief-preventing-abuse-of-the-sme-scheme) here is a reminder of the upcoming changes to the scheme.

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Potential Changes to Qualifying Costs for Research and Development Tax Relief

Following on from the Spring Budget 2020, the Government has announced that they are now consulting on the eligible expenditure that can be included in Research and Development (“R&D”) tax credit claims. The last formal consultation on the qualifying cost categories for R&D was published in November 2010 and the Government feels that now is the right time to reassess this area of the relief.

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COVID-19 – R&D Claims

Although these are uncertain times due to the impact of the COVID-19 pandemic, HM Revenue & Customs (“HMRC”) have confirmed their commitment to processing Research and Development (“R&D”) tax relief claims timeously to ensure companies eligible for repayments will still get these issued within 28 days if they are a small or medium sized claimant.

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Budget 2020: Positive News on Research & Development (R&D) Tax Relief and Capital Allowances

The Budget made it clear that the UK’s success in the global economy will be rooted in innovation and cutting-edge technology.  Plans to significantly increase public R&D investment to £22 billion per year by 2024-25 were confirmed, increasing direct support for R&D to 0.8% of GDP which places the UK among the top quarter of OECD nations  

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Have you submitted your December R&D claim?

Research and Development (“R&D”) tax relief is a government initiative to support businesses investing in innovative activities. There are two R&D tax relief schemes that companies can claim under – the SME scheme and the large company or RDEC scheme. Both are beneficial to companies in either reducing a tax liability or creating a payable tax credit.

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Good News for R&D Tax Relief Claimants

HM Revenue & Customs (HMRC) has acknowledged the significant delays in processing times of Research & Development (R&D) Tax Relief claims and are taking steps to improve the turnaround time.

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R&D Tax Relief in the Construction Industry

In 2017 it was reported that the construction industry contributed £113bn to the UK economy. As one of the large drivers behind the UK economy, it is surprising how little is claimed back by construction businesses through Research and Development (“R&D”) tax relief.

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R&D Tax Relief: Preventing Abuse of the SME Scheme

Research and Development (“R&D”) tax relief is a government initiative to try and support businesses investing in innovative activities. The relief is an attempt to support the government’s aim of increasing UK expenditure on R&D to 2.4% of GDP by 2027.

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