In addition to the above action, during Budget 2021, the government announced that it was changing how the Research and Development tax relief regime will work in the UK. The changes announced included:
- A change to the R&D rates applicable to both Small and Medium Enterprises (SME) business, and those that claim under the Research and Development Expenditure Credit (RDEC) regime;
- A refocus of the relief on UK R&D activities;
- An expansion of the qualifying expenditure categories that can be included within UK R&D claims;
- An extension of the meaning of R&D for UK tax purposes; and
- The introduction of various additional requirements, introduced as 'anti-abuse' measures.
Register for this webinar where experts from the Mazars Innovation Incentives team will provide and overview of the current HMRC landscape, and a practical overview of the above changes, including how the proposals might impact your or your clients going forwards.