Research & Development (R&D) tax-credit claims are being subjected to increased scrutiny (and in our view, with good reason). As a self-assessed benefit, HMRC have a duty to occasionally conduct compliance checks into R&D claims to ensure they are legitimate. These are known as ‘enquires’. As part of an effort to reduce fraud and error […]Continue reading
144. Choosing an R&D tax adviser: why cheap isn’t necessarily cheerful
Research & development (R&D) claim preparation is a technically-demanding process and potentially distracting to a business when they are not set up to produce the correct analysis of expenditure or supporting records. This can also be very damaging as a poor-quality claim means you expose yourself to a much greater risk of errors, enquiries, and […]Continue reading
143. Examples of Research & Development (R&D) for tax purposes
R&D for tax purposes comprises activities that use science or technology to overcome a clear and demonstrable limitation, or ‘uncertainty’, in a particular field. The end result could be new products, new systems, new devices, new processes and knowledge – or improving/building on what already exists. Examples of R&D R&D for tax purposes is purposefully […]Continue reading
142. R&D tax credits are changing – what you need to know now
Back in the autumn, Chancellor Jeremy Hunt announced his financial plans for the UK economy in 2023 and beyond. The proposed changes, set to come into force in 2023, seek not only to reduce the potential for error and fraud in Research & Development (R&D) claims but also to ensure the UK remains at the […]Continue reading
141. R&D tax credits: are you missing out on vital “growth” fuel?
If you have undertaken work (either in-house or for a client) which involves you creating new products, new processes, new knowledge, new devices or new services (or developing existing ones) then you may be eligible to claim R&D tax credits. This generous government incentive provides support to all risk-taking companies who use science or technology […]Continue reading
140. In 3 – Ten Years of Tectona Partnership
This month Tectona celebrates its 10th Anniversary. It has been an interesting (what an all-encompassing word that is!) journey with probably more downs than ups to be honest. Until the last 6 months, that is, where it seems the world has started smiling on us as the 10-year milestone came into sight. Running your own […]Continue reading
139. If you feel like you are spinning too many plates then this little tale might amuse you
In late November 2021 I had a most enjoyable day lined up with 3 meetings in the diary. Not the usual Covid fare of Zoom/Teams/Wonder but real, face to face ones. And to complicate things they were in different locations. So the plan was this: Coffee with Mike in Stroud (Sophie dropped me off) Lift […]Continue reading
138. In 3 – No. 11 Are you covered? Credit insurers are expecting a 30% increase in claims as we come out of covid support measures.
And this means that they are expecting some significant businesses to go bust owing lots of money. Many of us already use credit status reports from the likes of Experian, Creditsafe and Equifax. But these only tell you part of the picture as, in the corporate world, the data is scraped (in the UK at […]Continue reading
137. In 3 – No. 10 What does Frugal Innovation actually mean and what are the principles you need to apply if you want to be a practitioner?
This week we tried a new platform – not Zoom this time but something called Wonder – go on, try it! The aim was to have a highly interactive session with the author of the book, FRUGAL INNOVATION, Jaideep Prabhu. Jaideep is Professor of Marketing at the Judge Business School at the University of Cambridge. […]Continue reading
136. In 3 – No. 9 R&D Tax Credit claimed? 3 things you should know about if you have received a dreaded HMRC enquiry letter
If you are claiming (or have claimed) R&D tax relief, it’s important to understand the correspondence you might receive from HMRC and what to do next. Up to now, most applications for R&D relief result in money hitting your bank account, with little or no direct communication between you and HMRC. But times have changed. […]Continue reading