Logo

Tax Insights

Self Assessment Customers Warned About Scammers Posing as HMRC

HMRC is warning self assessment taxpayers completing their returns to take care to avoid being caught out by scammers. As the department issues thousands of SMS messages and emails as part of its annual Self Assessment tax return push, customers have been told to be alert of the danger of scammers posing as the tax…

New Draft Changes Affecting R&D Tax Credit Claims

The government has published draft legislation covering a change to the Research and Development (R&D) Tax Relief rules for small and medium-sized businesses (SMEs). In brief, HMRC has introduced a PAYE/NIC cap on the payable tax credit available for R&D claims – a cap to help prevent abuse of the SME scheme has been considered…

Latest HMRC figures show largest boost yet for innovative UK companies

HMRC has released the latest statistics for the value of Research and Development Tax Credits covering 2018-19 so far, and with £5.3 billion claimed already, it highlights the biggest boost to innovative UK companies yet. To date, an impressive £33.3bn has been claimed in R&D tax relief overall, and there’s no sign of the continued…

Fuelling Maritime Innovation With R&D Tax Credits

The UK continues to drive innovation in the maritime and marine industry, with businesses frequently embarking on ambitious projects in order to create an advance and overcome various technical challenges in their work. This has only been amplified by Brexit, trade conflicts & Covid-19. Although creating many challenges, these uncertain times have also presented unique…

R&D in Software Development: What are the overlooked complexities?

R&D in Software Development: The Complexities of Claims Uncovered As everyday processes become increasingly digitised, businesses continue to invest in software development and IT to evolve and streamline how they operate. This has without a doubt become a priority for many businesses when responding to COVID-19, as they’ve need to cleverly, and rapidly, adapt their…

Incentives Available for Innovative Businesses Following Budget 2020

The new Conservative Government was expected to provide stimulus for UK businesses operating outside the EU post-Brexit and measures to support innovation were announced in Rishi Sunak’s first budget.   In summary, research and development expenditure (RDEC) rate has increased from 12% to 13% from 1 April 2020, public research and development (R&D) investment will be…

How R&D Tax Credits Can Provide Financial Support for Your Business

R&D Tax Credits are a government-backed incentive that have been around for about 20 years, offering lucrative cash rebates to companies overcoming challenges in their work. For many businesses under extreme cash flow stress during these uncertain times, an R&D claim that was previously overlooked (or they simply weren’t aware of) could be worth looking…

Innovation within the Food and Beverage Industry

R&D Tax Credits for Food and Drink Manufacturers The food and beverage industry is worth hundreds of millions of pounds a year and is the largest manufacturing sector in the UK. There is substantial pressure on companies to offer food and drink that costs less, is healthier, longer-lasting and more ethically produced than ever before.…

Qualifying for R&D in the Engineering Sector

How can engineering companies benefit from R&D tax credits? Research and Development (R&D) tax credits have been around for 20 years and offer vital financial support across the engineering sector, as well as many other UK industries. The incentive is designed to encourage innovation and increase spending on R&D activities. Companies involved in all aspects…