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Slow and steady
Key points
- The government would like to merge the two current research and development schemes to form one.
- A survey of clients found most agreed a single scheme was desirable but not in the form proposed.
- Better guidance would aid understanding of research and development claims.
- There should be a more transparent disclosure of R&D tax credits required in company financial statements.
- Any changes should not be rushed through.
Government proposals to streamline the research and development (R&D) tax relief system would mean merging the two current schemes and potentially revamping permissible qualifying activity and claimant criteria. Indeed a consultation (now closed) on the proposals by the Treasury and HMRC (tinyurl.com/47h54duh) suggests that a new scheme could be set to be implemented by perhaps as early next April.
Client survey
Azets carried out two surveys to 42 000 clients and most respondents agreed that...
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