HMRC Research and Development Tax Relief for Small Businesses
HMRC Research and Development Tax Relief for Small Businesses – Find out more here.
A new service from HMRC to help small to medium enterprises claim tax relief for research and development has been declared a good idea by tax experts. However, grey areas in the definition of R&D may be limiting its value for business.
The “R&D voluntary advance assurance” scheme is for businesses with fewer than 50 employees, which are about to make their first claim for R&D relief.
Businesses which take part will be given the support of an expert on R&D relief. The objective is to agree a basis for the first claim and claims for two subsequent accounting periods.
The amount of money that can be claimed for research that advances “knowledge or capability in science or technology can reach up to millions of pounds, with claims for relief taking potentially months to prepare.
In a recent Treasury consultation, smaller companies said they wanted more support when making claims.
In April, the rate of R&D relief for companies with less than 500 employees increased from 175 percent to 200 percent and will increase to 225 percent from April 2012.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
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Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
I feel that research and development is an area of corporate business life that is often overlooked. This slightly complex piece made me a bit reticent at first when I read about the first claim but it slowly sank in and now I feel enlightened.