HMRC updates guidance on R&D reliefs

HMRC has updated the following research and development guidance:

• The ‘overview’ section to HMRC’s ‘Claim Research and Development (R&D) expenditure credit’ guidance clarifies when RDEC can be claimed and what tax liabilities can be discharged with the credit.
• HMRC’s ‘Research and Development tax relief for small and medium-sized enterprises’ guidance has also been updated to reflect how to claim R&D relief.