The UK government last week unveiled an initiative designed to ensure that small and medium businesses (SMEs) can make use of extra practical support and guidance from HM Revenue & Customs (HMRC) and the Department for Trade and Industry (DTI) to advance their R&D activities.
HMRC announced on Wednesday that it is opening a network of seven new specialist R&D tax credit units across the country to make it easier for innovative SMEs to take advantage of R&D tax credits.
The specialist units will conduct more outreach work - visiting companies to help them identify areas of the business that could benefit from R&D tax credits and working with them to produce high quality applications.
John Healey, Financial Secretary to the Treasury explained that:
"R&D tax credits are playing a crucial role in encouraging innovation in UK businesses with more than GBP1.8bn having already been claimed, since April 2000."
"We are keen to build on this success and by setting up these units with 70 officers to specialise in R&D claims, both HMRC and companies will benefit from the pooling of skills, expertise and experience. "
The units will also act as a recognised point of contact for businesses wanting to enquire about R&D tax credits and will be run by HMRC staff who have undergone specialist training.
The R&D tax credit works by allowing companies to deduct up to 150% of qualifying expenditure on R&D activities when calculating their profit for tax purposes. Small or medium companies can, in certain circumstances, surrender this tax relief to claim payable tax credits in cash from HM Revenue & Customs.
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