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Videos
- What is R&D Tax Relief?
- What is the definition of R&D and how does a company claim tax relief on it?
- Why aren't many companies making R&D Claims?
- How does R&D Tax and Grants help companies to make claims?
- Does a company have to pay tax to claim R&D Tax Relief?
- What success stories have R&D Tax and Grants had so far?
EMERGENCY BUDGET - NO CHANGE IN R&D TAX RELIEF
Black Country duo brings relief to hard-pressed manufacturers
EMERGENCY BUDGET – NO CHANGE IN R&D TAX RELIEF…………… FOR NOW!
During the emergency budget on 22 June 2010, George Osbourne stated the “We will agree with business a long term approach to the taxation of foreign profits, the treatment of intellectual property and the proposals from James Dyson on research & development.”
So, for the time being, there will be no changes to the excellent tax breaks for innovative SME companies especially in the manufacturing and engineering sectors.
But in the long term the news could be different with some winners and some losers.
In his report, (published in March 2010) “Ingenious Britain: Making the UK the leading high tech exporter in Europe”, James Dyson concluded on tax relief for research & development as follows:-
“A lower corporation tax is prudent as the economy recovers. But if we are to rebalance the economy, extraordinary action needs to be taken now. Tax credits can be an excellent way of supporting companies willing to risk their own capital in R&D. The current system is well intentioned but not well targeted. A Conservative government should refocus R&D tax credits on high tech companies, small businesses and new start-ups in order to stimulate a new wave of technology. When the public finances allow, the rate should be increased to 200%. Loss making small companies also need greater help, and the claim process must be streamlined. These changes need not necessarily lead to a higher overall cost to the exchequer.”
If these assertions are taken on board in full, the rate of R&D tax relief will increase from 175% to 200% but more traditional manufacturing companies currently eligible could lose out. It may also spell the end of the Large Company scheme for companies with more that 500 employees.
So, if you are an innovative manufacturing company who has introduced new or improved processes over the last couple of years,
ACT NOW TO AVOID DISAPPOINTMENT.
Contact us today on 01902 783172 or mark@taxandgrants.co.uk to ensure that you do not lose out on this excellent tax break,
CLAIM NOW FOR YOUR FUTURE!