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Autumn Budget 2021 and R&D tax credits
Chancellor Rishi Sunak announced the UK’s Autumn Budget and Spending Review 2021 on 27 October, which outlined the government’s future economic plans. With the effects of the pandemic continuing to underline much of the government’s spending, it’s not surprising that most of the budget focused on the recovery of the UK economy. Alongside general economic support measures,…
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The myths around R&D Tax Credit costing you money
The government designed R&D tax relief to reward companies who were conducting risky R&D work. However, since their introduction in the UK in 2001, R&D tax credits have not always been easy to understand or implement. While the existence of R&D tax credits has become more widely known, many businesses are still unsure how exactly…
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The R&D Tax Credit And its effect on Small Business
The Business Statistics briefing paper, published in January 2021, reveals there were approximately 6 million small and medium-sized enterprises (businesses with less than 250 employees) operating in the UK in 2020. These figures show that small businesses, which for the purposes of R&D tax credits also includes micro-businesses (less than 10 employees), accounted for 99% of…
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Insider tips to make the most of R&D funding with tax relief for SMEs
As an SME, R&D work is often essential to improving efficiency and growing the business. Receiving a cash payment or a reduction in tax liability due to R&D tax relief is a great way to help offset the cost of R&D projects. R&D tax relief for SMEs The SME tax credit scheme is the primary…
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Software and Technology are changing the Accountancy Industry
Ask most Accountants when software really started to take hold of their industry and they will cite Making Tax Digital (MTD) as the catalyst. However, software has been a growing part of the day to day function of Accountancy and Bookkeeping Firms for many years, be it Firm Management, CRM systems, Tax Filing software and…
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R&D tax relief for digital and tech companies – All you need to know
Over the last decade, the UK has been a world leader in technology. The pandemic has increased reliance on technology, especially digital forms of communication and social media. During 2020, the number of tech jobs on offer in the UK was on average 259% higher than in continental Europe. The number of digital companies in the UK has…