Friday 23 January 2015
R&D tax credits for SMEs - help the government get it right (or at least better)
Heads up - HMRC is consulting improvements to the radically underclaimed R&D tax credits for SMEs.
They're looking at how to promote awareness of the credits, the design and understanding of the rules, and - most importantly in my view, the new advance assurance process. One of the main stumbling blocks to claiming the R&D credit has been uncertainty about what does and doesn't qualify: most people seem to assume you need to be doing something that involved a long and complicated chemical name, but it's much wider than that. The advance assurance process is intended to enable SMEs to get confirmation that their R&D qualifies ahead of time, rather than putting a claim in and hoping for the best.
Have a look at the consultation and think about commenting - the more people contribute, the better the chances of getting something workable for SMEs. Comments need to be with HMRC by midday on 27 February 2015