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Research and development tax credits is something that the British Government wishes to support
and encourage. This may come as a surprise to a lot of people who usually think in terms
of tax and HMRC as being something you pay, not receive.
Well R&D tax credits do in fact encourage companies to come forward and make applications
for research and development projects and to make those applications, to encourage them
to engage more in research and development. The research and development and the definition
as I’ve given before is very very wide. It covers lots of things you probably don’t
think would be considered research and development more about innovation, technological advances,
scientific resolutions, and uncertainties; lots of things and very very wide definitions
which you owe it to yourself to look at and allow us to advise you on.
I’m looking here at Tolly’s Corporation Tax 2011-12 and indeed anything I’ve got
to say today is contained in here. The Chancellors Budgetary statements have been crystallised
out and they are actually in Tolly’s for you to read for yourself.
This is the CIRD80000 document issued by HMRC and indeed it covers every aspect of anything
you might want to claim as being research and development, How to evaluate it, how to
identify it, how to write it up, how to deal in fact directly with HMRC and their seven
special units that deal only with R&D tax credits.
So you owe it to yourself especially after the Chancellors Autumn statement to get on
board with the research and development tax credits. The Autumn statement contained more
concessions, more reasons to come forward and make an application. You owe it to yourself,
you owe it to your companies, you owe it to your shareholders you probably owe it to your
own bottom lines and profitability because this is definitely something the government
wants you to take up and it would form part of working capital rather than investment
capital because in terms of investment capital, we can also look at other forms of research
and development grant from the Technology Strategy Board, but that will form the subject
of another video we hope to put out shortly. Thank you.