We are seeing a wider selection of UK business using innovation as a way to remain competitive and we are truly proud to collaborate with these businesses in the preparation of their claim for R&D tax relief. As we've always championed – R&D is more than just the work done in science labs by men in white coats – and our current client list reflects this. From family-run breweries changing how beer is made to farmers paving the way in Britain's sustainable farming agenda and metal-workers using AI (artificial intelligence) to perfect the exhausts on F1 racing cars.
SMEs are the backbone of the UK economy, contributing significantly to employment, innovation, and economic growth. It is great to see the government finally recognising their importance and we welcome the government’s ambition to foster an environment where small and medium UK businesses can thrive. By empowering SMEs, the UK government is not only fuelling economic growth but also nurturing a dynamic and innovative business landscape that positions the country for long-term success.
Rishi Sunak’s government has laid out plans to establish the UK as a science and technology superpower by 2030. Further highlighting their commitment to supporting UK businesses, fostering innovation, and creating an environment that encourages growth and competitiveness in science and technology sectors.
Plans such as boosting investment in R&D and financial support for science and technology start-ups which can help UK businesses in the sector to thrive and grow. Further initiatives include investment in high-risk, high-reward R&D through the Advanced Research and Invention Agency (ARIA), regional growth acceleration and more. All this is very promising for British innovation and we look forward to more details being released soon.
Earlier this year, we shared with you updates to R&D tax relief as part of the Chancellor’s Spring Budget Statement. A few of these changes are due to take effect from August 2023, for accounting periods on or after 1 April 2023:
100% of R&D claims processed by Easy R&D are supported by fully-evidenced technical narratives and financial breakdowns – and have been long before these additional requirements were announced. We welcome these upcoming changes, which will ensure that the entire industry is held accountable.
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.