20 April 2021Newsletters and Updates
A chance to have your say!
Innovation is at the heart of the UK’s strategy to boost productivity and economic growth. It offers new opportunities to increase competitiveness and create transformative technologies which help address societal challenges ranging from climate change to better health outcomes. The UK is a global leader in science and innovation, and supporting the world class innovation ecosystem is a key Government priority. The Government is determined to raise the total investment in R&D to 2.4% of UK GDP by 2027. It is therefore essential to ensure that R&D tax reliefs, which are designed to encourage innovation, remain up-to-date, competitive and well-targeted.
HMRC have launched a Consultation that represents a fundamental review of the current R&D tax incentives regime in the UK. The Consultation is seeking your views on what changes, if any, can be made to UK R&D tax reliefs to ensure that the UK remains a competitive location for undertaking R&D activities. The Consultation is seeking the views of all those who are involved with R&D, be it accountants, research institutions or companies.
We have included below the different options on how you can have your say and help shape the future of the UK's R&D tax relief system in the 21st century.
The Consultation, which closes on 2 June 2021, asks you to respond to 17 detailed open questions about your thoughts and experiences regarding the current R&D tax relief schemes.
If you would like to respond to the Government directly then please click on this link which will take you to the Consultation Document and the questions.
The Government publication is very thorough, but it may take some time to complete. If you would still like your voice to be heard, but don’t have the time to answer all the questions, we have simplified and edited the questions to create a multiple-choice- tick-box format.
We think this may make it quicker and easier for you to respond and shouldn’t take more than about 5 minutes. We will then combine everyone’s (anonymous) answers into our response to HMRC.
Please click here to complete our survey.
We are planning on holding a discussion group on Wednesday 19th May 2021 with other R&D companies and, possibly, HMRC representatives. If you would be interested in joining the discussion group, please complete this form to register your interest and we will be in touch with further information in due course.