Page 3 - HMRC changes APR23

R&D tax relief changes and the impact on you.
Perhaps your current adviser has already updated you on this, however in case they have not, we wanted to share with you several changes to research and development (R&D) tax reliefs that took effect from April 2023.
Key changes are:
1 - Exclusion of overseas R&D spend
2 - Inclusion of cloud computing and data costs
3 - Pre-submission notification to HMRC
4 - Changes to the enhancement rate and tax credit relief rate for the SME scheme
5 - Increasing enquiry rates
6 - Changing interpretation of eligibility of “subcontract R&D”
We thought you’d like to know what the announced changes are and what they might mean to you and your business. Now is the time for you to familiarise yourself with these changes and understand how they might impact on your R&D strategy over the next two years.
The changes are outlined in this booklet, and we have also noted some of the ways you can minimise the potentials impacts.
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