R&D Tax credits - have your say
Government launches further R&D Tax Credits consultation
Following considerable interest from the business community earlier this year when Government consulted about improving the Research and Development (R&D) tax credits scheme, businesses are now invited to comment, by 2 September, on the detail of some of the proposed changes. Businesses are also invitied to consider some new proposals to do with the R&D tax credits scheme.
The original consultation sought to find ways to make the scheme more effective in encouraging companies to undertake R&D and to improve the current claims process. Following this consultation, proposed changes were announced in the 2011 Budget, and the rate of relief under the SME scheme was increased. Businesses now have the chance to have their say before legislation is drafted this Autumn.
Issues on which your views are sought include details of provision of tax relief for 'routine' sub-contract work which is part of a larger R&D project, and the proposed voluntary pilot to provide assurances to smaller companies and start-ups about pre-approval of claims.