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Budget measures available for innovative businesses

21 April 2020 / Nigel Holmes
Issue: 4740 / Categories: Comment & Analysis
Unexpected wins

Key points

  • The PAYE cap has been delayed until 1 April 2021 so HMRC can consult on relaxations to the rules such that genuine claims are not affected.
  • Research and development expenditure credit rate rises from 12% to 13% for expenditure from 1 April 2020.
  • HMRC will consult whether to widen the research and development definition to include investment in data and cloud computing.
  • Government to increase spending on research and development to £22bn by 2024-25.

These are strange times. The coronavirus crisis has left everyone wondering which way is up none more so than the chancellor Rishi Sunak for whom Covid-19 has delivered a baptism of fire.

For the UK the pandemic marks a dramatic hiatus in the nation’s efforts to navigate a brave new world outside the EU. So accountants were already expecting a helping hand for businesses when the chancellor delivered the Budget...

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