Research and Development
Major changes to R&D reliefs
September 21, 2023R&D reliefs There have been major tax incentives for research and development expenditure for many years. Until recently, HMRC has adopted a ‘light touch’ approach to compliance in this area. However, those days are now over, as Finance Act 2023 introduces a number of changes, including more onerous compliance rules. The main changes are outlined
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Tax relief from Research and Development
February 5, 2023Companies that invent new production methods or products can claim enhanced tax relief for the Research and Development (R&D) costs. The enhanced expenditure scheme for small and medium-sized enterprises (SMEs) increases qualifying expenditure by 130%. So that for every £100 spent, the company enjoys a deduction of £230 from taxable profits. This may create
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