Iain Butler

Well worth looking at this if you are in the R&D space - the webinar should be of interest to patent attorneys and professionals in the IP space but also companies carrying out genuine R&D. Given HMRC's current approach it is all the more important to get it right, but also not miss out on what you might be due. #Claritas #R&D #HMRC #innovation

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Understanding Advanced Notification Rules and the 30/09/24 Deadline for R&D Tax Claims At Nunn Hayward we want to ensure that all businesses taking advantage of Research and Development (R&D) tax relief are aware of the new Advanced Notification Rules and the approaching 30th September 2024 deadline for making R&D claims. For more information, read our Broadcast here - https://lnkd.in/g-ZxrU-B #advancednotificationrules #businesses #researchanddevelopment  #taxreliefs

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New HMRC Stats: Are you missing out on Patent Box relief? 💡 HMRC recently published their 2022-23 stats on R&D and Patent Box claims, and the findings are eye-opening. While 65,000 companies claimed R&D relief, only 1,600 elected for Patent Box! The numbers show a consistent gap between R&D claimants and those taking advantage of Patent Box benefits, despite the significant tax savings it offers. With changes in R&D relief rates, now is the time to reconsider Patent Box as a valuable tax-saving tool. Check out Caroline Hawkins’ article to understand the full picture: https://lnkd.in/eUEY5R5j Cooper Parry #PatentBox #Innovation #TaxRelief

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New HMRC Stats: Are you missing out on Patent Box relief? 💡 HMRC recently published their 2022-23 stats on R&D and Patent Box claims, and the findings are eye-opening. While 65,000 companies claimed R&D relief, only 1,600 elected for Patent Box! The numbers show a consistent gap between R&D claimants and those taking advantage of Patent Box benefits, despite the significant tax savings it offers. With changes in R&D relief rates, now is the time to reconsider Patent Box as a valuable tax-saving tool. Check out Caroline Hawkins’ article to understand the full picture: https://lnkd.in/eUEY5R5j Cooper Parry #PatentBox #Innovation #TaxRelief

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As of 1 April 2023, R&D-intensive, loss-making SMEs can submit their R&D claim under the R&D intensive scheme for an enhanced rate, serving as a vital source of investment in future innovation. However, to qualify as R&D intensive, your R&D expenditure must meet the fluctuating intensity thresholds. Many businesses are unaware of these changing rules. As a result, claimants have realised too late that they’re ineligible under the scheme, leading them to miss out on valuable tax relief. To mitigate this, we have developed new features in Novel to monitor the R&D status of each claim using the added cost in the Financial section. This allows for real-time claim monitoring, so you will be informed about your R&D intensity status, even if your spending fluctuates. You can find this feature in the Financials section of the platform. #randdtaxcredit #taxrelief #technology #randd #softwaredevelopment 

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Cashing in on a solvent business – how MVLs are changing... https://lnkd.in/eQaJnhr4

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In the UK, the government is considering changes to the capital gains tax (CGT) as part of broader fiscal reforms. These proposed changes include increasing CGT rates to address a £22 billion budget deficit. There are also plans to reduce the top CGT rate for selling non-primary residences from 28% to 24%, aiming to encourage the sale of such properties and increase housing supply in the market [[❞]](https://lnkd.in/d-XHgsVZ) [[❞]](https://lnkd.in/d8v7Ty89). However, there are concerns that raising CGT rates could deter investors and reduce investment in the UK. These concerns are particularly significant among property owners and private equity investors who might face substantial financial losses due to the proposed changes [[❞]](https://lnkd.in/dWXKvZwH) [[❞]](https://lnkd.in/dxbrQUjP). The reforms also involve eliminating certain tax reliefs, such as Multiple Dwellings Relief, which is expected to increase the availability of housing and improve access to affordable housing for a broader population. While these changes are anticipated to boost tax revenues in the long term, they could temporarily lead to a decrease in property prices in some markets and stimulate greater activity in the real estate market [[❞]](https://lnkd.in/dWXKvZwH).

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Labour’s roadmap for UK R&D. MMP considers the prospects for UK’s R&D and Patent Box tax incentives during this next parliament. https://buff.ly/3LdbOfq #RandDTaxRelief #PatentBox #GeneralElection2024

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Ahead of our R&D and Patent Box seminar this month the Innovations Department at Sumer NI want to cover some of the recent changes in R&D Tax Relief - probably the biggest shift has been the frequency of HMRC enquiries into R&D claims - HMRC's latest figures show 1 in 5 R&D claims are now subject to an enquiry (previously this was only 1 in 20) a massive increase and an important change for Companies to be aware of. Unfortunately for smaller, genuine claims this higher risk of enquiry really acts as a deterrent and going forward there may be R&D claims that are too small to pursue. Might we see a minimum spend being re-introduced in the budget?

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Really important piece of research that is timely for the new Govt The priorities are in line with my expectations and the opportunity to unlock growth is now https://lnkd.in/eqEJJcAN

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New HMRC Stats: Are you missing out on Patent Box relief? 💡 HMRC recently published their 2022-23 stats on R&D and Patent Box claims, and the findings are eye-opening. While 65,000 companies claimed R&D relief, only 1,600 elected for Patent Box! The numbers show a consistent gap between R&D claimants and those taking advantage of Patent Box benefits, despite the significant tax savings it offers. With changes in R&D relief rates, now is the time to reconsider Patent Box as a valuable tax-saving tool. Check out Caroline Hawkins’ article to understand the full picture: https://lnkd.in/eUEY5R5j Cooper Parry #PatentBox #Innovation #TaxRelief

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🆕Revised Insolvency Guidance Paper on succession issued and IGPs on retention of title and family home in bankruptcy withdrawn, all effective 1 August 2024 More at 👉https://buff.ly/3WA7ygg ICAS - The Professional Body of CAs #insolvency #regulation #standards

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The Telegraph and other papers are covering the story about the outcome of a review into the the Water Industry Commission for Scotland (WICS) which was conducted by professional services firm EY. The results seem to suggest one rule for staff but not to be followed by former chief executive. Examples include a £170.83 wallet and a claim for £290 for glasses. This was despite the organisation’s expenses policy only allowing glasses claims of up to £130. The CEO also submitted 28 “bulk uploads” of expenses which ranged between £190 and £21,329. While this practice was not unusual, the quango’s audit committee chairman only approved them half the time. The report noted that the director of corporate and international affairs and her spouse were living in New Zealand when the £18,159.56 flight claim was made. Expenses being reimbursed for “non-business purposes” demonstrated there was a “poor control and governance environment”, the report concluded. It does seem that if taxpayers money at risk then controls are not required, expenses can be incurred and refunded even if they do not meet criteria set or even for the purpose of the operations of the entity. If would be interesting to see the expense reports to HMRC to see what if any Benefits in Kind were declared or was that just deemed to be a non taxable perk. #waste #publicssector https://lnkd.in/esgJUayd

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Legal Win for Get Onbord Ltd in R&D Tax Credit Dispute - July 2024 In a key ruling, the First-Tier Tribunal has ruled in favour of software company Get Onbord Ltd (GOL) in its dispute with HMRC concerning R&D tax credits. GOL, which developed an automated AI-driven "Know Your Client" (KYC) system, was initially denied relief by HMRC, who claimed their project did not advance overall knowledge or capability as outlined in the BEIS guidelines. After a complex appeal (even involving liquidation), the Tribunal found that GOL’s project did meet the criteria for R&D and thus recognised the innovative software development work they had carried out. GOL sought R&D tax credits for a project aimed at developing an innovative AI-driven process for customer onboarding and risk profiling. The company argued that their work constituted a significant technological advancement, including innovative AI algorithms, particularly in automating the manual processes involved in KYC. HMRC rejected the claim, arguing that the project did not advance overall scientific or technological knowledge. HMRC argued that the KYC system produced had applied existing technologies that were readily available to produce a new innovate product. The Tribunal ruled in favour of GOL, confirming that their project qualifies as R&D under relevant guidelines, highlighting the company’s demonstration of technological uncertainties in developing the automated KYC system. It was noted that the project amounted to an "appreciable advance" in the field of AI-based customer verification. The Tribunal also ruled that where a claimant has done enough to show that there was in fact a technological advancement, the evidential burden must now pass to HMRC to show otherwise. This ruling highlights the importance of companies clearly documenting how their projects advance technology in their field to qualify for R&D tax credits. It serves as a reference for businesses using existing technologies to innovate, illustrating that significant advancements can still be recognised even when they build upon prior knowledge. Although GOL used existing technology, the Tribunal acknowledged the project's significant innovation in automating complex and previously manual processes. This decision is a positive sign for other R&D tax relief claimants, as it shows that projects using existing technologies can still qualify for relief if they demonstrate genuine advancements and address technological uncertainties. The Tribunal recognised that combining existing tools to create new solutions can meet the criteria for R&D, offering hope to companies facing similar issues with HMRC. This is a step in the right direction of legitimising the R&D tax industry and recognising genuine innovation in the UK. #innovation #tax #AI #fintech

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The recently published case of Flame Tree Publishing Limited v HMRC [2024] TC09149 underscores the complexities involved in R&D tax claims.   As Ryan Sian said, advisers often find themselves in a tricky situation, with many businesses struggling to accurately define their R&D activities due to a lack of in-depth understanding of the tax rules and guidance.   Read Ryan’s thoughts here: https://bit.ly/3QV12Oa   #RandDTax #RandD #TaxAdviser #TaxRelief #AccountantsUK 

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Despite efforts to improve the R&D tax relief system for SMEs and boost innovation, HMRC has come under fire for heavy-handed compliance checks. We look at how SMEs can navigate the scheme. https://smpl.is/9mif1 #ResearchandDevelopment #HMRC #TaxRelief #RDEC

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With manufacturing growth at it’s fastest pace in over two years, it's crucial for the incoming government to invest in skills and infrastructure in the coming months. 

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