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New beginning
Key points
- The scope of the consultation is narrow but its implications could be wide-reaching especially for small to medium sized enterprises.
- The consultation focuses on the design of a single scheme with views sought on whether an above the line credit is the right answer for R&D tax reliefs.
- A new single system would aid simplicity without adding to the administrative burden for HMRC.
- Firms that market and charge for tax advice including R&D claim preparation services should be subject to mandatory membership of a relevant professional body.
- A joined-up approach with HMRC and the Treasury is essential to ensure the original intent of R&D tax relief policy is reflected in its implementation.
When the chancellor delivers his Spring Budget next month (15 March) the closing date for consultation on a future single scheme for research and development (R&D) tax relief just two days earlier is...
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