In last years' Spring Budget, the government announced its tax and spending plans. These included several changes to R&D tax relief:
SME Rate Changes (After 1st April):
Additional deduction reduced from 130% to 86%
Credit reduced from 14.5% to 10% (except for R&D intensive SMEs)
RDEC Rate Change (After 1st April):
Gross RDEC increased from 13% to 20%
Pre-Notification (After 1st April):
Companies will need to notify HMRC within 6 months of their year end if they intend to make an R&D claim, unless they have submitted a claim in the last 3 years.
Mandatory Additional Information:
From 1 August 2023, claims will not be valid unless an additional information form has been filed providing details of the company costs and projects being claimed.
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