Here are 5 reasons why I can see the sunny side of Jeremy Hunt’s policies and see a bright future for R&D tax relief.
As with many tax changes, the latest announcements will make the claim assessment process potentially more complex for some businesses. This is especially true if you are a loss-making business with significant R&D investment. Our Easy R&D expert team is here to advise you on the options that you have for R&D tax relief claims and what may be the best approach for your company or business group.
Finally, a note on the HMRC approach to compliance checks. Compliance checks have been ramped up, and despite a rather scattergun approach to investigations, HMRC have uncovered an undetermined number of claims that are criminal in design. The numbers involved are a powerful reminder that any Government incentive scheme may become the target for unscrupulous operators. But my takeaway is that the actions of a small criminal minority do not reflect the legitimacy and positive impacts that thousands of genuine R&D claims are making to businesses across the country. We look forward to HMRC rooting out more illegal or erroneous claims, and getting even more sophisticated and targeted in their enquiry and investigation processes.
If you want to read a fuller debrief from our tax experts on the details of planned 2023 changes to the SME and RDEC schemes, please click here. This piece includes some useful worked-up examples of the impacts that the changes will have on different companies.
Managing Director, Easy R&D
Every customer and every claim we work with benefits from our deep expertise in how HMRC manages R&D tax credit applications.