Welcome to part two of our blog post series on the 2023 Autumn Statement. In this installment, we will delve deeper into the notable highlights and key announcements made by Chancellor Hunt. From simplifying R&D tax relief to extending investment zones, as well as the decline in inflation and the government’s commitment to economic stability,
Research and Development (R&D) tax relief has become an important incentive for businesses in various industries. By encouraging innovation and advancements, R&D tax relief provides companies with the opportunity to claim significant tax credits, ultimately boosting their growth and competitiveness. However, recent statistics indicate a concerning lack of compliance with the compulsory Additional Information Form
Research and Development Tax Credits – Changes from April 2023 Research and development tax credits relief will see changes in the way businesses apply for the relief, from April 2023. Additionally, the introduction of new qualifying measures will make the relief more accessible to a wider range of businesses. Changes when submitting research and development tax
Research and Development Tax Credit Update HMRC has provided an update on Research and Development Tax Credit payments, via the CIOT. Investigations into irregular claims are still ongoing. Furthermore, HMRC has made it clear that the investigations are to stop the abuse of the relief. However, delays in the processing time of claims have increased.
Research and Development tax credit payments on hold HMRC have paused Research and Development tax credit payments. Investigations are also now underway into irregular claims for the tax relief. HMRC says that most of the claims are genuine and that the investigations should have no impact. However, delays are now expected when processing R&D claims,
R&D Tax Relief – Does your business qualify? Research and Development Tax Relief (R&D) is a relief that businesses may be able to claim if they incur expenses whilst developing or enhancing existing products, services or processes. Many different businesses can claim R&D relief if they seek to research and develop an advancement in their
Research and Development tax credit changes Research and Development (R&D) tax credits are intended to support companies who invest in science and technology projects. To qualify for R&D tax credits companies must be developing or enhancing new or existing products, services or processes. Staff costs, software and research contributions all qualify under R&D. However, during
