Many SMEs are currently claiming a loan under the Coronavirus Business Interruption Loan Scheme (CBILS) or Bounce Back Loans Scheme (BBLS), but they may be unaware of the effect this may have on them claiming R&D tax credits.
The Chancellor announced a £1.25 billion support package to help protect businesses driving research and development that have been hit by the Coronavirus.
HMRC have contacted businesses to confirm their current processes and new updates for R&D claims.
The rate of Research & Development Expenditure Credit (RDEC) will increase from 12% to 13% from 1 April 2020.
The UK Patent Box tax relief allows companies to apply a lower rate of Corporation Tax to its profits from its patented inventions.
Even if you don’t think you’re doing R&D, you could be! Don’t let your company miss out on this most effective and generous tax relief.