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R and D Tax Credits – Good News In UK Budget Statement 2012

Date: 3rd April 2012

R and D Tax Credits – Restrictions Removed Research and Development Tax Specialists will be gearing up to help more UK companies claim their R and D Tax Credits as a number of restrictions were lifted from 1st April 2012. In the 2012 Annual Budget Statement the British Chancellor announced some welcome changes to the scope of R and D Tax Credit claims. The proposals included removing the rule that limits a company’s pay...
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R&D Answers: What Is The Claims Process For R&D Tax Credits?

Date: 4th March 2012

What Is The Claims Process For Research And Development Tax Credits? The claims process is part of the normal treatment of providing the necessary annual accounts information to HMRC, and the qualifying expenditure should be shown as an adjustment to the profit figure on which tax is calculated. Only the qualifying figure is needed for tax purposes, but you should maintain a record of how that figure has been calculated, and be prepared to show back up documentation such as pa...
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R&D Answers: What Do We Do at R&D Credits … And Not Do?

Date: 4th March 2012

What Do We Do And Not Do To Help You With Claiming Your Research And Development Tax Credits? Our role is to investigate the scope of your R&D work, make sure you understand the qualifying scope, review the technical aspects of qualifying projects and help you produce draft justifications for submission with the Corporation Tax claim. We do not take over the role of the accoun...
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R&D Answers: Will The Coalition Government Scrap R&D Tax Credits?

Date: 7th February 2012

Are Research and Development Tax Credits Under Threat From The New Coalition Government? The Conservatives originally announced that they would scrap Research and Development Tax Credits. However, a few weeks before the election, and following their Dyson Review on Innovation, they announced that they will not scrap the scheme. In fact in a...
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R&D Answers: Why Does So Much R&D Tax Credit Go Unclaimed?

Date: 2nd February 2012

Why have many companies with potentially valid claims either not claimed at all, or not claimed enough? There are many reasons why research and development tax credits go unclaimed. They range from companies thinking it is too complex and time consuming to assess qualifying work and make a claim for Research and Development Tax Credits; to misunderstanding the scope of qualifying conditions; or having tax accountants who do not fully understand what does and does not qualify; or they...
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R&D Answers: What is R&D For Tax Credit Purposes?

Date: 23rd January 2012

The Big Question – What is Research and Development For Tax Relief Purposes? This is the big question which we cannot cover fully here. There is access to all the qualification guidelines on the HMRC web site. The conditions to be satisfied are covered in a document which can be found on the site, called CIRD819...
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R&D Answers: What Costs Qualify for R&D Tax Credits?

Date: 15th December 2011

Research and Development Tax Credits – What Costs Qualify? Research and Development Tax Credits are claimed against qualifying costs. The most important and largest qualifying costs are usually your labour costs for Research and Development work. Labour costs may be directly employed labour or work you have subcontracted to external organisations in the UK or overseas. Where your research and development work is subcontracted, qualifying labour costs can be claim...
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R&D Answers: What Happens If You Have Received Grants for R&D?

Date: 15th November 2011

Research And Development Grants – How Do They Affect Your Right To Claim R&D Tax Credits? Public sector grants used for research and development and research and development grants are either “state notified” or not, and the awarding organisation will confirm which applies, so if you have received a grant and you are not sure if it is “state notified” ask your funders. In general State Notified Grants have the affect of wiping out any cla...
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R&D Answers: What Are Research And Development Tax Credits?

Date: 28th October 2011

It’s Wise To Understand What Research and Development Tax Credits Are So You Don’t Miss Out! The Research and Development Tax Credits scheme was designed by the now renamed government Department of Technology and Industry (DTI) to provide a Corporation Tax incentive to companies using science or technology to create innovative products, services or processes. The current rate as it applies to Small and Medium Enterprises (SMEs) enables companies to treat qualifying...
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R&D Answers: What Has Been The Impact of UK R&D Credits?

Date: 23rd August 2011

In money terms what has been the impact of Research and Development Tax Credits for UK business? The last figure published by HMRC indicated that in excess of £8b has been reclaimed since Research and Development Tax Credits were introduced in 2000 by all types of companies. In the latest year for which figures are available, 2011/12, the number of claims for R&D tax credits rose from the previous year by 16.5% to 12,190, representing £1.2 billion of tax relief suppor...
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