In recent times, HMRC’s commentary around R&D tax credits focused on fraudulent scenarios and tightening controls to prevent misuse of the schemes. However, R&D tax reliefs are widely used by legitimate and innovative businesses – R&D tax credits can be a vital lifeline to start-up businesses. It also enables established businesses to increase their investment in innovation.
HMRC has recognised that the definition of R&D and scope of qualifying costs need to be updated to reflect the modern business environment.
With this wide-ranging consultation it’s important that the voices of genuine businesses benefiting from R&D are heard. That we shine a light on the real benefits of R&D tax credits to UK innovation and help make this valuable relief fit for purpose in the modern world.
Please add your voices to ours and share your thoughts – we will incorporate your views in our consultation response to HMRC (responses to our survey will be treated confidentially).