The UK’s current research and development tax relief regime is popular with companies, but there are opportunities to provide support closer to spend, to prevent funding limit breaches and to bring it up to date for a digital world, confirms ICAEW.
Features and articles
ICAEW members have highlighted issues they have experienced following updates to the corporation tax return (CT600) on 1 April 2021, including trouble accessing an additional page relating to research and development claims.
Highlights from the broader tax news week ending 7 April, which includes confusion over when the rises to national minimum wage and living wage rises take effect; and additional guidance on R&D claims.
A host of tax changes come into force from the start of April 2021, including the long-anticipated introduction of off payroll working (IR35) and the next phase of requirements under Making Tax Digital for VAT. ICAEW’s Tax Faculty outlines what you need to know.
The Finance (No 2) Bill 2021 was published on 11 March 2021. At 374 pages, 132 sections and 33 schedules - not to mention copious explanatory notes – it is complex.
Katy Rabindran reflects on why the First-tier Tribunal decision in Hadee Engineering Co Limited v HMRC, issued in October 2020, provides key pointers on current R&D working practices and HMRC’s approach.
Highlights from the broader tax news week ending 13 January, which includes: ICAEW’s response to draft legislation on R&D tax relief for SMEs and £230,000 cap on participation in the agricultural flat rate scheme for VAT.
24 November 2020: Reports commissioned by HMRC suggest that the research and development expenditure credit (RDEC) scheme is the most effective incentive for encouraging additional investment in R&D.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
A chapter on claiming research and development tax relief for UK SMEs, providing easy to follow guidance.
Practical guidance on tax reliefs related to research and development within the UK business tax regime.
A chapter on corporate tax reliefs for intellectual property, highlighting tax planning opportunities and potential pitfalls.
A chapter on capital allowances for expenditure on research and development, patents and know-how.
Guide explaining the practical and technical aspects of capital allowances and the related tax reliefs on property.
A response dated 11 June 2021 to a consultation published by HMRC on 23 March 2021.
A response dated 2 June 2021 to a consultation published by HMRC on 3 March 2021.
A response dated 5 January 2021 to a consultation published by HMRC on 12 November 2020.
A response dated 12 October 2020 to a consultation published by HMRC on 21 July 2020.
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
HMRC internal manual providing R&D rate tables, guidance and information on the treatment of R&D expenditure under SSAP 13, FRS 102, IAS 38 and FRS 105.
HMRC guidance on the different types of Corporation Tax relief available for companies that work on R&D, including specific guidance for small or medium-sized enterprises and information on claiming Research and Development Expenditure Credit .
Guide to R&D tax credits and incentives by country, including a comparison of patent box regimes across fifteen countries and general R&D incentives across 36 countries.
Research report produced by HMRC examining the take-up and use of Research and Development tax credits, and assessing their impact on R&D investment in the UK.
ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.