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Please contact us to discuss how working with Myriad Associates can maximise and secure R&D funding opportunities for your business.
Yesterday the Chancellor of the Exchequer announced that some changes will be made to the Payable Tax Credit element of the SME R&D Scheme for accounting periods which commence on or after 1 April 2020.
The announcement referenced 4.19 of the Budget 2018 paper, which can be seen here; https://www.gov.uk/government/publications/budget-2018-documents/budget-2018, and which reads:
"Preventing abuse of R&D tax relief for small and medium-sized enterprises (SMEs) – To help prevent abuse of the payable credit, from 1 April 2020, the amount of payable R&D tax credit that a qualifying loss-making company can receive in any tax year will be restricted to three times the company’s total PAYE and NICs liability for that year. This will ensure the relief is robust against identified abuse, including fraud, following the prevention by HMRC of fraudulent claims worth £300 million. The government will consult on this change."
The above changes in legislation are following the arrest of three men suspected of attempting to fraudulently claim £300m in Research and Development (R&D) Tax Credits back in June 2016.
Following the budget announcement, Barrie Dowsett, CEO for Myriad Associates commented; "This is a positive budget for organisations that invest in assets, innovation and infrastructure. A further £1.6bn has been promised for the modern Industrial Strategy, £36bn ring-fenced for infrastructure projects, annual investment allowance increased to £1m for the next 2 years, and increased financial support for fellowships, apprentices and entrepreneurs. All of this is on top of the existing £3.5bn of R&D tax relief, and £4.7bn over 4 years for the Industrial Strategy Challenge Fund. The UK is positioning itself for inward investment in science and technology post Brexit"
Speaking to the team of specialists at Myriad Associates today will enable you to determine whether your business matches the necessary criteria and whether any credits can be claimed for the R&D projects you have conducted. Click here to contact us today for more details.