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At the previous Budget in Spring, the government launched a review of R&D tax reliefs alongside a public consultation. The Chancellor has now announced a series of initial changes as part of this review.
At Budget 2021 the government announced a review of the reliefs, supported by a consultation with stakeholders. This consultation explored the nature of private-sector R&D investment in the UK, how that is supported or otherwise influenced by the R&D relief schemes, and where changes may be appropriate.
According to HMRC, R&D tax reliefs will be reformed to support modern research methods by expanding qualifying expenditure to include data and cloud costs. Additionally, steps will also be taken to further improve the reliefs’ effectiveness by refocusing government support towards innovation in the UK, and by targeting abuse and improving compliance.
Following the consultation launched at Spring Budget 2021, the government is announcing reforms to R&D tax credits.
Further details of the changes and next steps for the review will be set out in the Government’s further tax administration and maintenance announcements later in the Autumn and we will be sure to keep all our clients updated when we receive more information.
In the meantime, if you have any questions or would like more information about R&D tax credits and if you’re eligible to receive funding for your innovative projects, speak to the our tax relief team on 0207 118 6045 or drop us a message here.
As members of HMRC's R&D Consultative Committee, we have been filing R&D tax returns on behalf of our clients for over a decade. Our seven-star customer service and right-first-time approach when making claims have allowed us to help hundreds of companies across the UK claim the R&D tax relief they were entitled to. We've helped all of our clients claim the maximum amount of R&D tax relief possible and ensure that their claims were paid out efficiently, every time.
So feel free to get in touch today.