Although legislative changes this August significantly boosted the number of
companies that can claim a cash rebate in the form of research and development
tax credits, businesses relying on this tax relief to stay afloat are now only
able to claim R&D tax relief rather than a much needed cash rebate.
‘There is a cruel irony in denying a business a lifeline that could save it
precisely because without such support, it will go bust,’ David O’Keeffe, head
of the KPMG R&D
tax credits team in the UK, said.
‘The reasoning behind these rules is that Europe does not want tax rebates
propping up struggling enterprises.
‘Companies should most definitely make sure that they claim these valuable
tax benefits but if they’re really in the last chance saloon, they may be out of
Committee expresses concern about costs to businesses and April 2018 implementation date
Drastically fewer offices for HMRC in the hope to reduce their running costs
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance
Laurence Field, the head of tax at national audit, tax and advisory firm Crowe Clark Whitehill outlines the 6 'unexpected items' regarding HMRC's Making Tax Digital plans