Following the recent changes to the UK's Research and Development (R&D) tax relief regime, Azets is urging businesses to think ahead when it comes to making R&D or Patent Box (PB) claims to ensure the benefit is accessed by eligible companies and the claim compilation process is as seamless as possible.
With the legislative changes and HMRC’s volume approach to R&D claims, it is more important than ever for companies to understand if they are eligible to make claims and which costs can be claimed. The introduction of the pre-claim notification form requires certain R&D claimants to notify HMRC of the intention to claim the relief. It is therefore paramount that companies are considering their eligibility to claim R&D tax relief sooner rather than later.
Although there have been various changes for R&D tax relief in recent years, the support is there to be claimed by eligible companies to encourage further innovation. Innovation reliefs can provide financial support to companies of any size by either a tax saving or tax credit. There are misunderstandings and misconceptions by claimants, especially with the introduction of the new merged scheme, but with the right support from a trusted R&D advisor, a robust and reliable claim can be made.
Azets Aberdeen, a leading provider of financial and strategic advisory services, is inviting local businesses to sign up for their free ‘R&D tax relief and Patent Box’ webinar, being held on Wednesday, September 11.
The informative webinar will provide companies with everything they need to know about claiming the reliefs, recent changes and what can be expected for future claims. It is an opportunity for businesses to explore R&D tax relief and PB in more detail as Azets is aware that many businesses are still unclear whether they are eligible for the valuable tax incentives.
The webinar panel will explore the following areas before concluding with a Q&A session:
• R&D basics - what classifies as “R&D” and the costs that can be claimed
• How to ensure claims are processed effectively – the enquiry landscape
• Recent updates and rule changes and what’s to come in the future
• Who can benefit from the Patent Box regime, how it’s calculated, and the claims process
Frazer Nicol, Head of Tax at Azets in Aberdeen, said: “It is vital that local businesses do not miss out on this crucial financial support, but there is a high level of uncertainty regarding the changes to R&D and PB tax incentives. The North-East has a strong history of innovation and entrepreneurial activity and we want to ensure all businesses benefit from the financial benefits available to them.
“Businesses need to be very careful about getting the administration of any tax relief claims organised at an early stage or they could find themselves unable to access generous tax relief, sometimes worth more than 20% of the R&D spend.
“Whether businesses are dissuaded from submitting R&D claims because of recent changes the Government have introduced, or they are unsure of the impact of the new legislation, our webinar aims to explain R&D tax relief and Patent Box in more detail, share our experience and help support businesses.”
Regardless of your company size or sector, join the Azets webinar on Wednesday, September 11 to find out more about R&D tax relief and PB and how Azets Aberdeen can support you in determining your eligibility for the reliefs and making claims.
Register now or email webinars@azets.co.uk