Jeffreys Henry is committed to the progression of equality for all women and so in recognition of International Women’s Day 2022, we wanted to share the experiences of some of the wonderful women working with JH, as well as their perspectives on how things have progressed for women working in accounting. A big thank you to all the women who shared their inspiring stories with us! Together, we can #BreakTheBias.
HMRC has released its review of R&D tax relief (also known as R&D tax credit), alongside details that confirm extra measures that will be put in place to end the abuse of R&D tax relief. Recent data suggests a loss of over £300 million due to fraud and error in R&D claims. In such cases, companies had claimed cash through the payable tax credit, despite having no R&D activity. Moreover, HMRC have also identified structures that had been set up with the intention to claim the payable tax credit, despite there being little employment or activity in the UK.
Key steps to a successful R&D tax relief claim. HMRC have displayed no sign of relaxing their position in respect of R&D tax credit claims in terms of querying both eligibility and qualifying expenditure.
HMRC have introduced a restriction for the amount of R&D tax credit received by SMEs in a year. Effective from 1 April 2021, the cap is set at £20,000 plus three times the company’s total PAYE and NIC liability for SMEs claiming R&D tax credits.
The Chancellor, Rishi Sunak, delivered the 2021 Budget on 3 March 2021. Our specialist Personal and Corporate Tax Teams have summarised the key announcements below, with a full report to be published on Thursday 4th March 2021.