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The Patent Box scheme allows UK companies to apply a lower Corporation Tax rate to profits from patented inventions, boosting the financial health of SMEs. Learn about the application process, the financial impact on SMEs, and gain strategic advice for maximising benefits.
CIOT (Chartered Institute of Taxation) as a professional accounting body have previously raised concerns with HMRC through open letters sent in July 2023, December 2023 and May 2024. The concerns addressed in the letters have focused on several key areas related to HMRC's approach that affect their charter.
A client approached our R&D tax team for assistance after their accountant had prepared an R&D claim that came under scrutiny during the compliance check process. Read our key take aways from successfully navigating an HMRC compliance check.
Navigating HM Revenue & Customs (HMRC) enquiries or compliance checks concerning Research and Development (R&D) tax credit claims can be a significant challenge for businesses. Read our latest article where we share expert insights including engaging with HMRC, the reasons for a HMRC enquiry and the process.
Discover the new R&D Merged Scheme effective from April 1, 2024, simplifying claims for SMEs, Large Companies, and subsidised projects.
Two key mechanisms that play a pivotal role in fuelling research and development (R&D) endeavours while maximising returns on intellectual property (IP) investments are R&D tax relief and the Patent Box regime. But what happens when these two powerful incentives come together?
The R&D tax relief schemes are undergoing significant changes, for example the introduction of the Merged Scheme, merging SME and RDEC schemes into a single framework covering SMEs, Large Companies, and subsidised projects. Read our post outlining some of the upcoming changes, including the Spring Budget 2024.
On the 28th February, the House of Commons Public Accounts Committee (PAC) released a damning report on HMRC Customer Service. The report outlines several concerning findings, including HMRC's failure to meet service standards, increased wait times for taxpayer assistance, and a decline in service quality over five years. In this blog, I discuss TBATs thoughts surrounding the report.
In the dynamic realm of business innovation, the Research and Development (R&D) Tax relief scheme stands as a golden opportunity for companies to recoup a portion of their investment in groundbreaking projects.
On January 31, 2024, the National Audit Office published a report assessing Tax Reliefs aimed at stimulating economic growth. In our latest blog we address the scrutiny surrounding R&D tax relief, particularly focusing on the criticism aimed at the handling of the SME Scheme by HMRC.
Assists organisations in accessing research and development grant funding across a range of UK and EU schemes and industry sectors.
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