ICAS Response: Improving access to R&D tax credits for small business
ICAS has responded to the HMRC consultation on "Improving access to R&D tax credits for small businesses".
Read the ICAS submission in full
ICAS supports the introduction of an advances assurance service for small companies making their first claim for R&D tax credits. The response focuses on a number of key issues:
- The scope of the relief is still not well-understood and some businesses are not aware that they are eligible to claim the relief
- The position for small and medium sized companies is complex as there are two separate schemes that might apply to a claim
- The issues on R&D tax relief reflect wider concerns for this sector about the impact of tax complexity
- Is the balance between relief for R&D and reliefs for other capital expenditure correct – and does it support current policy aims?