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In his Autumn Statement speech, George Osborne said: “We want to help British businesses do more research and development – this is crucial to our productivity.”
At Myriad Associates, we couldn’t agree more. As industry leading R&D tax credit specialists, we take a look at how George Osborne’s recent announcements will benefit our clients.
From 1st April 2015, the rate of relief for Small or Medium-sized Enterprises (SME’s) claiming Research and Development (R&D) Tax Relief will increase from 225% to 230%.
This increase will mean that for every £100 of R&D qualifying expenditure identified, your company will be entitled to government funding of £26.
The proposed changes, in addition to the increased payable credit rate of 14.5p/£1 for loss-making SME’s, which came into effect on 1st April 2014, means that the Government is now subsidising up to a third of the cost of R&D.
For Large Companies, claiming under the Research and Development Expenditure Credit (RDEC) Scheme, the rate of relief will increase from 10% to 11%.
In August, Video Games Tax Relief (VGTR) was given approval by the European Commission and will be effective for expenditure incurred after 1st April 2014.
In his Autumn Statement, George Osborne added “Our tax breaks have ushered in a golden age for Britain’s creative industries”.
George Osborne wants to create a “Northern Powerhouse”, and therefore, has pledged to invest in Research Centres to include Advanced Materials and High Value Manufacturing.
The Chancellor also announced significant investment in a Big Data Centre in Daresbury, in addition to the previously announced Alan Turing Big Data Centre, which will be located in London.
The Chancellor also announced plans to strengthen Entrepreneurs’ Relief and the Social Investment Tax Relief and also double Small Business Rate Relief for yet another year.
Click here for the full details on George Osborne’s Autumn Statement.