Mark Tighe, CEO at RD Tax Solutions, explains why the chancellor is on the right track with R&D tax relief but needs to fine-tune his message.
Today’s SMEs are waiting too long to reap the financial rewards of Research & Development (R&D) tax credits, according to Friend Partnership. The chartered accountancy firm believes many bosses could be securing repayments from as early as ten days from the submission of their claim.
R&D tax credits may be dull to some, and a mystery to others, but it's arguably one of the UK’s best-kept secrets when it comes to alternative funding for small businesses.
After London mayor Boris Johnson urged chancellor George Osborne to soften the effects of tax credit cuts on the working poor, Osborne rebelled by publishing a report claiming that Britain's tax credit bill would have risen without the reforms set out in the Summer Budget.
Tax collecting organisation HMRC has been the subject of 11,500 negative tweets during the last year, mainly owing to the amount of time people have had to spend on hold.
Lesley Stalker, tax partner at RJP, analyses what HMRC looks for in a claim when it comes to R&D tax relief.