The UK’s current research and development (R&D) tax reliefs were introduced in 2000 for small and medium-sized enterprises (SMEs) and 2002 for large companies. The tax reliefs enable companies to claim qualifying costs within specified categories including staffing costs, software costs, third party costs and consumable costs. To prevent abuse of the R&D tax reliefs, a PAYE/NIC restriction has been introduced for SMEs. Further changes to the current reliefs for both SMEs and large companies are expected following the HMRC consultation process, which will conclude on 3 June 2021.
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The UK’s current research and development (R&D) tax reliefs were introduced in 2000 for small and medium-sized enterprises (SMEs) and 2002 for large companies. The tax reliefs enable companies to claim qualifying costs within specified categories including staffing costs, software costs, third party costs and consumable costs. To prevent abuse of the R&D tax reliefs, a PAYE/NIC restriction has been introduced for SMEs. Further changes to the current reliefs for both SMEs and large companies are expected following the HMRC consultation process, which will conclude on 3 June 2021.
If you are not a subscriber, subscribe now to read this content.
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