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We produce commentary and articles that look at how innovation is changing industry
and the importance of understanding and using R&D Tax Credits.
If you are involved in buying or selling companies (or are planning to), then this article is aimed at you. You may not think R&D tax credits are a factor in your transaction, but read on, as you might be surprised!
This article covers a poorly understood area where we have frequently seen companies miss out on the opportunity to benefit from R&D tax credits.
If you are an SME working in a scientific or technical field, but have been told that you don't qualify for R&D tax credits, you may want to revisit this after reading this article. There are also a couple of lesser known quirks that even experienced R&D consultants have been known to miss!
This is a common question we are asked after having made a client's first claim, particularly where the claim may have involved claiming for work done by other companies. There is not a simple answer to this, but in this article we will show you some of the factors that you should consider.
I'm often asked by my clients whether they should consider applying for innovation grants to fund R&D projects. Alternatively, when I sit down to do an annual R&D review, some clients tell me "oh, we received a six figure grant last year - is that going to affect our R&D claim?".
As with most tax related questions, the answer is a definite "maybe"!
Yesterday's budget included a high profile announcement of increasing R&D tax credits, and plenty of talk about supporting innovation and new technologies. Whilst this is all good news, we can't help feeling that an opportunity has been missed to improve the support provided to smaller businesses.
Part 1: Introduction & General thoughts
Unsurprisingly this is something that I'm asked increasingly these days, and there are a few interesting elements that might affect R&D spending in general and R&D tax credits in particular that I thought I'd bring together here in this short series of articles
Part 3: Global competitiveness and conclusions
This is the third article in a series discussing the potential impacts of Brexit on UK R&D tax credit schemes. To read the earlier articles in the series click here and here.
There are a number of subtleties to the process of claiming R&D tax credits that can reduce or completely eliminate the value of a claim. Whilst some are unavoidable, here is a list of things that can potentially make a significant difference to the claims made by SMEs.
Since I've been handing R&D tax credit claims for a living, the companies I deal with the most are manufacturers, something that is also confirmed by the official statistics published by HMRC. Despite this, manufacturing is still an area where large numbers of companies are missing out on claims they are entitled to, either because they don't think it applies to them, or their accountant has told them so.
The advice on claiming R&D tax credits in relation to KTP programmes was confusing or non-committal...