{"id":19742,"date":"2023-04-07T10:39:58","date_gmt":"2023-04-07T10:39:58","guid":{"rendered":"https:\/\/www.moorethompson.co.uk\/partners-blog\/?p=19742"},"modified":"2023-05-02T10:45:58","modified_gmt":"2023-05-02T10:45:58","slug":"smes-to-benefit-from-chancellors-change-to-the-research-development-tax-credits-schemes","status":"publish","type":"post","link":"https:\/\/www.moorethompson.co.uk\/partners-blog\/smes-to-benefit-from-chancellors-change-to-the-research-development-tax-credits-schemes\/","title":{"rendered":"SMEs to benefit from Chancellor\u2019s change to the Research &#038; Development tax credits schemes"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-19743\" src=\"https:\/\/www.moorethompson.co.uk\/partners-blog\/wp-content\/uploads\/2023\/05\/Matt-Storey-MT-300x169.png\" alt=\"\" width=\"396\" height=\"223\" srcset=\"https:\/\/www.moorethompson.co.uk\/partners-blog\/wp-content\/uploads\/2023\/05\/Matt-Storey-MT-300x169.png 300w, https:\/\/www.moorethompson.co.uk\/partners-blog\/wp-content\/uploads\/2023\/05\/Matt-Storey-MT-1024x576.png 1024w, https:\/\/www.moorethompson.co.uk\/partners-blog\/wp-content\/uploads\/2023\/05\/Matt-Storey-MT-768x432.png 768w, https:\/\/www.moorethompson.co.uk\/partners-blog\/wp-content\/uploads\/2023\/05\/Matt-Storey-MT.png 1280w\" sizes=\"auto, (max-width: 396px) 100vw, 396px\" \/><\/p>\n<p>Chancellor Jeremy Hunt announced a partial reversal to the SME Research &amp; Development (R&amp;D) tax credit cuts in the\u00a0recent Spring Budget\u00a0after facing months of pressure.<\/p>\n<p><!--more--><\/p>\n<p>Startups had warned that the cuts, first announced last November in the Autumn Statement, would hinder growth for early-stage and research-intensive tech companies.<\/p>\n<p>The R&amp;D tax credits and relief scheme was already attracting criticism because of suspected fraud and general abuse of the initiative.<\/p>\n<p>The autumn reforms to the R&amp;D scheme became effective from April 2023. They key points include:<\/p>\n<ul>\n<li>R&amp;D costs which can be claimed are reduced from 230 per cent to 186 per cent of qualifying expenditure.<\/li>\n<li>The available cash credit rate, which is for R&amp;D tax losses that are offset against a cash rebate, is reduced to 10 per cent from 14.5 per cent.<\/li>\n<\/ul>\n<p>For larger businesses, the Research and Development Expenditure Credit (RDEC) rate was actually increased from 13 per cent to 20 per cent.<\/p>\n<p><strong>Top up<\/strong><\/p>\n<p>The previously announced reduction will remain in place, but loss-making \u201cR&amp;D-intensive\u201d startups will receive a top-up. Those that spend 40 per cent or more of their total outgoings on R&amp;D will be able to claim a tax credit of 27 per cent, or \u00a327 for every \u00a3100 spent.<\/p>\n<p>The inclusion of some overseas expenditure in R&amp;D tax relief claims is deferred for a year until 1 April 2024, to allow the Government to consider the interaction of this with a potential merged R&amp;D relief scheme.<\/p>\n<p>Two new categories of qualifying R&amp;D expenditure will be created, for data licences and cloud computing services.<\/p>\n<p>It has also been announced that all R&amp;D claims from 1 August 2023 will need to be filed using the new digital forms, regardless of the accounting period concerned.<\/p>\n<p><strong>How to claim\u00a0R&amp;D\u00a0relief<\/strong><\/p>\n<p>You can claim the relief up to two years after the accounting period it relates to, by treating it as a deduction from the company\u2019s profits for the accounting period. The claim must be made in the company tax return or an amendment to the return.<\/p>\n<p>You must send:<\/p>\n<ul>\n<li>A\u00a0full Company Tax Return form (CT600)<\/li>\n<li>A completed tax computation<\/li>\n<li>Add the form CT600L, if claiming a payable tax credit or Research and Development Expenditure Credit.<\/li>\n<\/ul>\n<p><strong>Need help with claiming R&amp;D tax credits? Contact us today.<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chancellor Jeremy Hunt announced a partial reversal to the SME Research &amp; Development (R&amp;D) tax credit cuts in the\u00a0recent Spring Budget\u00a0after facing months of pressure.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-19742","post","type-post","status-publish","format-standard","hentry","category-matt-storey"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SMEs to benefit from Chancellor\u2019s change to the Research &amp; Development tax credits schemes - Moore Thompson<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.moorethompson.co.uk\/partners-blog\/smes-to-benefit-from-chancellors-change-to-the-research-development-tax-credits-schemes\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SMEs to benefit from Chancellor\u2019s change to the Research &amp; 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