Following consultation, HMRC’s proposals for improving access to research and development (R&D) tax credits for small businesses (i.e. turnover under £2m and fewer than 50 employees) will include: launching an advance assurance service in November 2015 for first-time claimant smaller companies; retaining the tax definition of R&D, rather than aligning with the accounting definition; and issuing bespoke guidance on R&D tax relief for smaller businesses. For the consultation outcome, see www.bit.ly/1zn8mpn.
Following consultation, HMRC’s proposals for improving access to research and development (R&D) tax credits for small businesses (i.e. turnover under £2m and fewer than 50 employees) will include: launching an advance assurance service in November 2015 for first-time claimant smaller companies; retaining the tax definition of R&D, rather than aligning with the accounting definition; and issuing bespoke guidance on R&D tax relief for smaller businesses. For the consultation outcome, see www.bit.ly/1zn8mpn.
