The House successfully passed the $78 billion tax bill H.R. 7024. Notably, the bill reinstates the current year expensing of domestic research and experimentation costs. For companies investing in research and development, this tax break holds significant importance.
Research and Development (R&D) tax relief is a valuable incentive provided by the UK government to encourage innovation and technological advancement; however, understanding the rules and regulations surrounding subsidised expenditure can be challenging. In this article, we will delve into…
Effective from August 8, new requirements for filing and claiming Research and Development (R&D) tax relief in the UK will demand meticulous record-keeping to avoid lengthy and onerous information gathering exercises come the company’s year end.
While the UK’s proposed additional tax relief for R&D intensive SMEs holds promise for driving innovation and economic growth, the delay in passing this legislation into law introduces a dose of uncertainty.