R&D Coronavirus update from HMRC

Due to the current Coronavirus outbreak, HMRC have contacted businesses to confirm their current processes and new updates for R&D claims. R&D returns & payments HMRC state their first priority is to continue to clear 95% of SME tax credit claims within 28...

Budget updates to R&D credits

During his first Budget this week, Chancellor Rishi Sunak announced a number of changes to R&D credits. Firstly, the rate of Research & Development Expenditure Credit (RDEC) will increase from 12% to 13% from 1 April 2020. This is to support businesses...

Patent Box Tax Relief

The UK Patent Box tax relief was introduced on 1 April 2013 and allows companies to apply a lower rate of Corporation Tax to its profits from its patented inventions. The relief was phased in over a period of years, but with effect from 1 April 2017 100% of the relief...