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To protect and to serve
Key points
- 90% of businesses do not know the R&D tax credits market is largely unregulated.
- Businesses are incorrectly advised that Covid-19 responses can qualify for R&D credits.
- Incorrect advice affects the company claiming the tax credit and also indirectly the tax adviser.
- A claim that HMRC has not challenged is not an accepted claim.
- HMRC needs to refine its guidance so expectations are clear.
There has been something of a series of Taxation articles discussing the many problems which continue to dog research and development (R&D) tax relief. Herein lies the issue. Our industry has spent enough time discussing the issues at hand. The time has now come for action.
For businesses in the UK R&D tax relief is playing a vital role in recovery efforts. Many businesses have found that the pandemic itself has triggered R&D projects from developing new products to digital transformation....
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