R&D Tax Credits and investments are the drivers of the UK economy
A key part of the Autumn Speech highlighted the embracement of change and advancements in research and development which resulted in a commitment to invest £2.3bn in R&D - “the largest boost to R&D support for 40 years”.
The Government has recognised that the UK is a hub for innovation and research and Philip Hammond has backed this up by confirming an increase to 12% from 11% on the RDEC (Research and Development Expenditure Credit) tax credits scheme.
Whilst the increase targets large companies, it has to be taken into consideration that no negative changes have been made to the SME scheme which will continue to grow strong with attractive enhancement rates - 230% (Enhanced deduction rate) 14.5% (Payable credit).
We are thrilled that the subject of R&D Tax Credits was a crucial point of the autumn budget and the emphasis was made on how important it is for the UK economy and productivity to continually invest in R&D and bring us at the forefront of innovation on an international level.
Awareness of R&D Tax credits needs to be raised as too many companies are still missing out on money owed to them for their investments in research and development.
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