R&D Tax Relief - Champion Accountants

Autumn Statement 2022: Changes to the R&D tax relief scheme

On November 18, 2022 / R&D Tax Relief

One of the key announcements from the Autumn Statement was Jeremy Hunt’s cutbacks to the R&D tax relief scheme for small and medium-sized enterprises (SMEs). Despite the chancellor reaffirming the Government’s commitment to R&D, this announcement didn’t come as a surprise, given recent reports of R&D abuse

Changes to R&D tax relief

On August 2, 2022 / R&D Tax Relief

On 20 July 2022 – dubbed Legislation Day or ‘L-Day’ – the Government issued draft legislation for the Finance Bill 2022/23, which includes reforms to the research and development (R&D) tax relief schemes. So, what might these changes mean for you? What is R&D tax relief? R&D

Navigating cashflow issues during COVID-19 – could R&D tax relief be a solution?

On November 5, 2020 / Business Advisory, R&D Tax Relief

Engineering businesses constantly strive to stay one step ahead of the competition, no matter what other external economic factors may be at play. At a time such as this though, where cashflow and financial pressures are being felt more acutely than ever, have you considered that your

R&D Tax Relief: Connected Vs unconnected subcontractors

On October 26, 2020 / Business Advisory, R&D Tax Relief

Written by David Herd, senior tax advisory consultant at Champion Accountants In a previous article, we discussed the difference between hiring an employee or a sub-contractor. You can find that article from July 24th here. Today, I’d like to look at connected versus unconnected sub-contractors, from an

Employed vs self-employed: what to consider when claiming R&D tax relief

On July 24, 2020 / R&D Tax Relief

We have this conversation with all our R&D (research and development) clients: the difference in the rate of tax relief between PAYE employees and sub-contractors. Many reasons determine whether an individual is employed or self-employed; far too many to list within a short piece. When the business

At a time when cash flow is critical, have you considered R&D?

On April 22, 2020 / COVID-19, R&D Tax Relief

The most common misconception about Research and Development (R&D) Tax Relief is that it’s only available to lab coat companies and software houses, but this couldn’t be further from the truth. R&D Tax Relief is available to all limited companies that seek to achieve an advance in

Covid-19 update: CBILS, R&D tax relief and more

On March 25, 2020 / COVID-19, R&D Tax Relief

Coronavirus Business Interruption Loan Scheme (CBILS) The CBILS is now available, with some 40 participating lenders through which funding can be sought. The advice being given by the British Business Bank is to apply to your usual lender first, as any decision-making on whether you are eligible

R&D myth busting – what is eligible?

On June 26, 2019 / R&D Tax Relief

Businesses are missing out on substantial tax savings because they’re unaware of what counts towards a Research and Development (R&D) tax relief claim. Many still wrongly believe that R&D only applies to scientific industries, when in reality, eligible activities can, and do, span a variety of sectors.

Making the most of staff costs in your R&D claim

On May 28, 2019 / R&D Tax Relief

Introduced by the Government in 2000 as an incentive to promote innovation, Research and Development (R&D) tax credits provide tax relief for eligible activities carried out by UK businesses. Tax relief is calculated based on the company’s spend on R&D, providing relief of up to 230% on

Research & Development (R&D) Tax Relief… What counts?

On May 24, 2019 / Corporate Finance, R&D Tax Relief

We know that Research & Development (R&D) Tax Relief isn’t simple. Time after time, many of the businesses that we talk to about R&D relief have the same misconceptions about what they can claim for, such as: We pay a lot of rent on our premises… that will form