On 1 February 2024, GovGrant will become known as Source Advisors in the UK, and you’ll see that brand change in our documentation and digital presence. However, our dedication to the R&D and IP marketplace and the support for our accounting partners and clients will remain the same as we seek to add more services to support innovative companies in the UK and their advisors.

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At the end of November 2023, we held our second roundtable discussion. Following the success of our first event in April 2023, it is important to bring leaders together again to discuss the many recent changes that have impacted our industry in a short space of time.
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Confirmed date for the merged R&D tax relief scheme

The headline news is that plans for a single R&D tax relief scheme, which merges the SME and RDEC schemes, is confirmed to go ahead for accounting periods starting on or after 1 April 2024. This confounds earlier speculation that there would be a delay. This does at least give us some certainty on the timelines, although it is indicative of the continued fast pace of change around R&D tax relief.
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The Autumn Statement, a pivotal moment on the UK’s fiscal calendar, promises a glimpse into the government’s economic roadmap and policy priorities. With this year’s Autumn Budget fast approaching, the government’s plans for R&D tax policy are hotly anticipated, and here is all you need to know ahead of next week’s announcement.

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We recognise the many challenges that accountants are facing as the landscape of R&D tax relief changes. We have recently increased the size of our Accountant Channel team to ensure we are delivering the best possible support, knowledge, and advice to our accounting partners.
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You’ll remember that on 31 March 2023, GovGrant was acquired by Source Advisors LLC an exciting step on our continuing journey as the UK’s authority on incentives for business innovation. As part of the Source family, we share a joint vision deeply rooted in quality, relationships, technical excellence, and creating the very best working culture for our people.
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Yesterday HMRC released the latest statistics for the usage of the R&D tax relief and Patent Box schemes. Here’s an initial view of this year’s numbers.

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As part of HMRC’s focus on the R&D tax relief scheme, an additional information form was introduced and is now a statutory requirement to complete for all R&D claims. The additional information form must be submitted before filing your company’s Corporation Tax return.
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In July 2023, I was honoured to be invited to the LMB-VBC Graduate Life Sciences symposium at the University of Cambridge, specifically to be a panellist on the Lab Grown Meat discussion. It was great to represent GovGrant and bring the commercial IP angle to the debate.

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You may have seen that the R&D tax relief schemes have been in the news again, based on new activity and information from HMRC. For any accountants who have clients claiming R&D tax relief, or who offer this service in-house, this is what you need to know.

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You may have seen that the R&D tax relief schemes have been hitting the headlines again this week. There has also been a flurry of activity and information from HMRC that you may not be aware of. So, I thought I’d take this opportunity to run you through it, explain what it means for the future of the schemes and what our, GovGrant , opinion is.

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In March 2023 the Institute for Manufacturing, University of Cambridge published the UK Innovation Report with the aim of benchmarking the UK’s industrial and innovation performance in a global context.

This comprehensive report brings together a whole range of innovation and value-added indicators and should be a key reference in any discussion about innovation policy and industrial performance in the UK.

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At GovGrant  our relationship with our accounting partners is more important than ever and we want to make sure our knowledge and experience is offered and available when needed. This is why we developed our online portal Elevation.  

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You will have heard that soon, in some circumstances, HMRC will need advanced notice of your intention to claim R&D tax relief. We’ve been receiving a lot of queries from our clients and our partner accountants asking for clarification of this requirement, not least because the guidance provided is not particularly clear and appears to contradict the draft legislation. We asked HMRC to clarify and hope that we can explain further here.> Read more

A headline in The Times, Saturday 20 May 2023 stated “Brace yourself for more HMRC chaos” and warned that new tax rules would mean more work for a tax office that is already struggling to cope with queries. This was raised in the context of personal tax affairs, rather than anything specifically around corporation tax or R&D tax relief issues, but it speaks to a system under strain. > Read more

The R&D tax relief advisory market is responding to ever-changing legislation, a more robust approach from HMRC, and uncertainties in future policy direction. Last week we hosted a roundtable discussion with Senior Tax Leaders to discuss how these issues are manifesting for us and our clients.
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Roll the clock back to 2006 and R&D tax was a thing people barely knew about. Compare that to now where it dominates the government investment plan to turn the UK in to a Science Superpower.

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In the past accountants might have been comfortable dealing with the financial aspects of an R&D tax relief claim, but may have felt less qualified to assess the technical or scientific aspects of their clients’ claims.
Many accountants I have spoken to recently have left this aspect entirely to their clients, believing them to be the experts in their field. But now that HMRC’s rate of enquiry is increasing they find that the client can’t answer HMRC’s technical questions, and neither can they.

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What did the Chancellor announce in the Spring Budget today?

The R&D tax relief schemes were again mentioned by The Chancellor of Exchequer, Jeremy Hunt today, as a follow-up to announcements in the Autumn statement.

There are a lot of moving parts at the moment, see the technical detail note here. With a new relief for R&D intensive SMEs who will qualify for an enhanced rate of R&D tax relief, a delay to restrictions on overseas expenditure from 2023 to 2024, and the potential move to a single, combined RDEC and SME scheme in April 2024.

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From the conversations that I’ve had recently, many accountants have noticed a change in stance from HMRC whose approach has become more forceful and their tone more combative in enquiry matters relating to R&D.
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With increased scrutiny of the R&D tax relief scheme by HMRC, accountants are having second thoughts about keeping this service in-house. Is now the time to re-evaluate the benefits of a compliance-led partner to support you in the preparation of your clients’ R&D tax credit claims?> Read more

Unsurprisingly, HMRC are turning up the heat on R&D tax relief claims, and what was once deemed a quick win by business owners, accountants, and agents are now becoming a much more considered approach to tax. There has always been a requirement to evidence and justify compliant activity but from April 2023, the requirement is to produce a technical report.
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As we move into a New Year there seems to be rumblings of concern from several accountants about the changes within the R&D tax relief regime, and the direction of travel from HMRC regarding the schemes.
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In recent press coverage, I’ve noticed that some commentators have used the term “no win, no fee” as a derogatory indicator of poor practice. That it forms part of this “rotten” R&D market that encourages fraudulent and negligent behaviour from some R&D tax providers. I think that this is just lazy, and for me, is just as blunt as the cut to the SME scheme.
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What did the Chancellor announce in the Autumn Statement today?

The R&D tax relief schemes were specifically mentioned by The Chancellor of Exchequer, Jeremy Hunt today. In response to reports of abuse and fraud in the SME scheme, he has announced a cut in the enhancement rate to 86% (from 130%) and the tax credit rate to 10% (from 14.5%). For the RDEC scheme, the rate will increase from 13% to 20%.
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You may have seen an article in The Times this weekend, titled ‘Free money from HMRC’: firms cash in on questionable tax credits. The article highlights that “The taxman has lost an estimated £469 million to fraud and error under a multibillion-pound scheme”. Last year the total amount claimed under the R&D tax relief schemes was £6.59bn.
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In 2021 we announced the acquisition of Luvo Financial by GovGrant. Both parties recognised this as a significant opportunity as the R&D market consolidated. One year later I’m reflecting on the experience for Luvo clients, partners, and for me personally.
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The latest statistics showing the value of R&D tax relief and Patent Box were published by HMRC today. What does an initial look at this year’s numbers tell us?
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Core to this question is balancing the cost of making a claim vs the benefit your business receives in tax relief. Of course, this depends both on the amount of R&D qualifying expenditure on one side against the cost to the business of time, resources, and specialist advice in making a claim.
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Businesses shouldn’t be intimidated by the legal and academic jargon surrounding Intellectual Property (IP). Here at GovGrant we are changing the conversation and provide a range of IP services and assets that can help you cut through the noise.
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We are proud to announce that GovGrant has been named Best Place to Work by the UK Business Awards 2022. Our people are our greatest asset and we believe that when the team thrives, so does the business.
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We know that businesses in Scotland have a proud tradition of innovation and invention but are Scottish businesses benefitting fully from HMRC’s innovation incentives? These schemes are designed to support businesses that seek to improve or overcome challenges or uncertainties in their products and processes.
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The British Business Bank recently published the latest news from the Small Business Equity Tracker. We take a look at the detail to find out what it tells us about the UK’s innovative SMEs and how they are attracting equity investment.
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Yesterday (Wednesday 20 July) was what HMRC refer to as Legislation Day, on which they publish the draft legislation changes that have now been submitted to parliament to receive Royal Assent and be passed into law. This is expected to take place over the Autumn which will then come into effect for full accounting periods starting on or after 1 April 2023.
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We have just released our latest research report, a deep dive analysis into the performance of 18 years of Innovate UK investments, with successful applications for funding totalling over £9.8 billion over this period. ‘Innovate UK: The impact report’ examines funded projects using publicly available data. The data analysed includes 49,527 successful applications relating to 26,242 projects, from 17,698 separate organisations.
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The UK Digital Strategy policy paper was published on 13 June 2022. It reconfirms the government’s intent to make the UK the best place in the world to start and grow a technology business and it seeks to outline this vision and the actions required to deliver it.

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Your R&D tax relief claim can’t be an afterthought

For too long, and for too many, R&D tax relief has been a tick box exercise of tax planning. However, HMRC has drawn a line in the sand when it comes to abuse of the R&D tax relief scheme. This change of tack is well overdue and should protect the integrity of the schemes.

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There were a number of proposed changes relating to the R&D scheme in the Autumn budget 2021. In the Autumn HMRC published their proposals and launched the consultation process to seek feedback on the proposed changes.
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The conversation that GovGrant has been having with our clients over the last 5 years has evolved. We started with “have you heard about R&D tax credits” then “have you maximised your R&D tax credit claim”. Today we can maybe assume that more of the right people are claiming, and getting value from their R&D tax relief claims. So now we’re moving to “are you sure you’ve got it right”.
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There are currently a lot of players in the exceptionally crowded space of R&D tax credits. As a consequence, there are probably a lot of conflicting messages. These range from “get hundreds of thousands of pounds in 30 minutes with zero risk” to “the wolf is at the door so proceed with serious caution”. As always the truth is somewhere between those two positions.
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When the words ‘R&D tax credits” are mentioned, people often think of white lab coats, test tubes, and rocket ships. Whilst these activities are likely carrying out Research and Development, the scheme is not limited to these. In fact, GovGrant has a wide range of clients varying in industries and sectors. From tomato growers to logistic firms, smart garment makers to gym apps – R&D is found in all sorts of businesses and sectors.
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What was announced in the Autumn Budget 2021 concerning R&D tax credits?

Following on from that consultation reforms that were announced in the Autumn Budget 2021, the government:

• support modern research methods by expanding qualifying expenditure to include data and cloud costs
• more effectively capture the spillover benefits of R&D funded by the reliefs through refocusing support towards innovation in the UK
• target abuse and improve compliance

Today we got more of the detail of these reforms and understood more of the next steps.
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The Chancellor of the Exchequer, Rishi Sunak, presented his Autumn Budget and Spending Review to Parliament on Wednesday 27 October 2021. There were very few surprises when it comes to R&D, innovation, and Patent Box tax relief. Many of the announcements were made against the context of the recent R&D consultation, see our response here.
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The latest statistics showing the value of R&D tax relief were published by HMRC in October 2021. And as we noted at the time the total value of R&D tax relief for 2019-2020 is now projected to be nearly £7.5bn – a big number.
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It probably hasn’t escaped your notice that the UK is hosting the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow at the end of this month.
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The latest statistics showing the value of R&D tax relief and Patent Box were published by HMRC yesterday. What does an initial look at this year’s numbers tell us?
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GovGrant has been announced as a finalist in two categories of the Business Culture Awards, for Best Working Environments & Practices Initiative and Best Small Organisation for Business Culture. We’ve also been successful in the Lloyds British Business Excellence Awards, as Employer of the Year and Small to Medium Business of the Year. It’s great to have our business recognised in this way, and an endorsement of all we have achieved this year.
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GovGrant recently exhibited at The Digital Accountancy Show, a one-day exhibition specifically focussed on digital transformation and the app ecosystem. It was great to meet so many people in person – rather than virtually. And even better to introduce so many accountants to Elevation, our R&D tax credit software built for accountants. > Read more

GovGrant, the R&D and IP specialists, has today announced the acquisition of Luvo Financial. GovGrant sees this as a significant opportunity for both parties as the R&D market consolidates.
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The Digital Accountancy Show is a one-day exhibition specifically focussed on digital transformation and the app ecosystem. It’s happening 1 September 2021, at Tottenham Hotspur Stadium and we hope to see you there.
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At the end of July, the Intellectual Property Office (IPO) announced that a strong intellectual property system will be key as the UK aims to be a global leader in innovation. It is clear that the UK is facing some major challenges; net-zero, the levelling up agenda, global trade ambitions and, not least, economic recovery from the Covid-19 pandemic.
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Today we launched Elevation, a new tool that allows accountants to take control of R&D tax claims and support them through the process with access to additional expert help and resources as required. Elevation is free of charge to our accounting partners. Elevation will help accountants drive the R&D tax conversation with clients. But more than that it will allow accountants to generate low-value R&D tax credit claims on behalf of their clients.
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A recent report by David Connell, Senior Research Associate, Centre for Business Research Cambridge Judge Business School, seeks to reappraise the objectives of the R&D tax credit and Patent Box schemes.
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R&D and innovation specialists GovGrant have today revealed the UK economy is failing to capitalise on its world-leading academic prowess and intellect by not translating its R&D into commercial gain and creating intellectual property (IP).
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GovGrant is delighted to be supporting the Business Insider Made in Scotland Awards. We will be sponsoring the Innovator of the Year category. This award is for a Scottish-based manufacturer which used innovation in the production process which had a measurable effect on the bottom line in 2020. The deadline for nominations has been extended to 2 May so it’s not too late to nominate your innovation, the awards are free to enter for businesses based or individuals working in Scotland.
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It’s World Intellectual Property Day, a day to celebrate and educate the world about the role that intellectual property (IP) rights play in encouraging innovation and how, when employed successfully, an idea can become an IP asset to create business value and drive sustainable economic growth.
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In case you missed it, last week the European Patent Office (EPO) released its European Patent Index (EPI) for 2020 which saw the number of European patent applications filed at the EPO drop by 0.7% compared to 2019. If you would like to know more about what the European Patent Index is and why it is significant, please see my earlier blog post here. This is the last in a two part series that will dissect the data released in this year’s EPI and what it may reveal for the state of innovation for certain sectors within Europe.
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This week the European Patent Office (EPO) has released its much-anticipated European Patent Index (EPI) for 2020.
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As an innovative SME ourselves we are always looking for new ways to get our message out there to UK businesses. During the first lockdown, we took the opportunity to trial a radio campaign to promote our R&D and IP message to innovative companies.
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The Chancellor had a tough task today in dealing with the short term needs and long term recovery that Covid-19 necessitated. It is encouraging to hear some real steps forward in the R&D roadmap including a commitment to green energy, levelling up, skills and visa agendas and a review of R&D tax relief.
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First announced nearly a year ago, as part of the 2020 budget, it seems that the government is set to go ahead with the £800m investment into a new “blue skies” science research agency. If it was welcome in 2020, it is surely essential now with everything that has happened in the interim.
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Today is the UN’s “International Day of Women and Girls in Science”. As a business, GovGrant is at the heart of the innovation ecosystem it’s dispiriting to think that the UK could be missing out on the skills and expertise of a significant chunk of the population. Do we still need a day to promote STEM subjects for girls? Surely there is ample opportunity and the UK is ahead of this curve?
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Over 2020, through the Covid crisis, we at GovGrant helped almost one thousand innovative UK companies, and over hundred investors, achieve value and investment returns from innovation. This led to over £45mn of timely capital flow, helping companies sustain their business in difficult times.
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We at GovGrant have 15 years’ experience of helping innovative UK companies, and their investors, achieve commercial value from innovation. With our Rocket into 2021 campaign, we are looking in-depth at the UK private capital markets, and how to help clients and investors improve cash flow and valuation in these difficult and volatile times.
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We all know how hard and volatile 2020 was for the UK economy. UK public equity indices crashed 30% from close to all-time highs over the period from January to March. They have since recovered at least half of the lost ground. The bounce back in the US, led by technology and high growth sectors, was much stronger and led to new all-time highs.
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Further to our blog outlining the impacts of the Finance Bill 2021 we have received an update to the guidance on the new SME cap from HMRC.
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The past couple of weeks have been littered with announcement after announcement about vaccines, Pfizer & BioNTech, Moderna, and Oxford University & AstraZeneca. All have been featuring in the news with their promising results that are potentially paving the way for a return to normality.
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Brexit? Is that still happening? Well yes, fortunately, or unfortunately (depending on which side of the fence you are on), and, consequently, there are changes to how certain aspects of the Intellectual Property (IP) system will operate in the UK on or after 1 January 2021. Here is your one-stop-shop for all things Brexit and IP post the end of the transition period:
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We know that a lot of competitors have a “calculator” on their website or examples of R&D claims. We’ve never felt that this was necessary, not because it’s difficult or mysterious – but because it asks the wrong question and therefore gives you the wrong answer.
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For the first time ever, HMRC have independently reviewed the Patent Box scheme to understand if it is an effective tool in the government R&D agenda or if it needs to scraped.
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HMRC have recently announced changes to the rules for R&D tax credits for SMEs. The new rules have been designed to target perceived fraudulent claims using structures set up in the UK to claim a repayable credit even though no R&D work was actually carried out in the UK.
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HMRC recently reported on the outcome of a first-tier tax tribunal case investigation into an R&D tax claim, in the case of Hadee Engineering Co Ltd (Hadee). Hadee made R&D claims for the periods ending 30 April 2009 and 30 April 2010. HMRC challenged the claims asking if the expenditure was incurred in the relevant periods, whether the projects qualified as R&D under the BIS guidelines and whether the expenditure was incurred as part of a contract and whether the expenditure had been subsidised.
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Now that I have had some time to digest the recent update from HMRC in respect of the R&D tax credits and Patent Box statistics, there are three things that have stood out for me:
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The latest Research and Development Tax Credits and Patent Box statistics have been released today by HMRC. It’s encouraging to see a year-on-year increase in claims for R&D tax relief but once again, the growth in Patent Box is woefully behind. More businesses are using the R&D scheme, which is great. However, overall business investment in innovation has only seen a marginal increase.
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I am a change agent, always have been. I love to challenge the status quo of our business, with a drive to improve the outcomes for our clients. We should always be on our toes, asking ourselves how we do this quicker, better, and smarter.
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We have had some clarification from HMRC on how companies furloughing staff deal with claims under the SME R&D tax relief or Research and Development Expenditure Credit (RDEC) schemes. It’s important to realise that the rules are different under each of these schemes. But also that small and medium enterprises can claim under the RDEC scheme.
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As businesses look to recover from this year’s crisis, investment in R&D is a vital step for a sustainable UK economic recovery. In their latest Inside Accountancy podcast, Accountancy Age’s Leanna Reeves speaks to GovGrant’s Luke Hamm to assess how tax incentives should be further targeted to encourage investment from organisations into R&D projects.
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There has been much talk about the regulation surrounding R&D tax advisors and it is a welcome conversation. I would love to work with like-minded advisors to keep evolving the conversation. To find the right framework for this industry today, and just as importantly, where it goes next.
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In the UK companies are able to claim tax relief for their R&D activity. This government scheme is designed to boost innovation by supporting businesses that seek to improve or overcome challenges or uncertainties in their products and processes. We know that businesses in Scotland have a proud tradition of innovation and invention but are Scottish businesses being awarded the tax benefit they are entitled to?

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As non-essential business begins to reopen after months of non-trading, and those on furlough start to return to work, many companies across the UK are pressing the ‘resume’ button in an environment with greater volatility than ever before. This will pose challenges on an unprecedented scale; therefore, companies will be doing all they can to ensure that there is enough cash available to weather the storm that is to come.
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As we pass the milestone of 100 days since lockdown started, it seems like a good time to take stock and reflect on how life has changed for us as a business over these past three months.
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In the recent HMRC consultation regarding the R&D tax credit cap for SMEs, they talked about a need to identify and rely on ‘Hallmarks’ of R&D to ensure that claims that are being made are bona fide and not an attempt to play the system.
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On 1 July 2020, the government released an R&D Roadmap to set out a vision to attract global talent, cut unnecessary bureaucracy, and cement the UK as a world-leading science superpower.
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It may seem like another era, but the UK budget on was less than 3 months ago. At that time the Chancellor set out his plans to increase public R&D investment to £22 billion per year by 2024 to 2025.
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GovGrant sits on the Research & Development Consultative Committee (RDCC) to represent UK’s business when it comes to the operational delivery of the R&D tax relief schemes. This is an HMRC-sponsored forum, and as members we receive regular updates as HMRC advice evolves and develops. We are currently in an unprecedented period of change, with the introduction of new and vital measures to support business British business.> Read more

HMRC recently reported on the outcome of a first tier tax tribunal case investigation into an R&D tax claim.

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In his first ever budget the Chancellor was bold and ambitious with his plans but since the 11 March the world and economy have changed beyond compare and the subsequent financial response from the Chancellor means the budget has paled into insignificance. Here Luke Hamm, CEO at GovGrant, considers how innovation is being promoted by the government and how speed is critical to any success.

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Increased risk of material uncertainties

In these unprecedented times, the audit of going concern assessments and reporting on material uncertainty related to going concerns are key for auditors. The Audit and Assurance Faculty has produced two guides on the topic.
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It is safe to say that the sudden emergence of Covid-19 and its impact has taken the world by surprise. It has brought economies to their knees as well as posed social challenges, but most importantly, it represents a great threat to the health and wellbeing of the most vulnerable. In these truly unprecedented times, our hopes of fighting, mitigating, and eventually, overcoming this global pandemic rest on the shoulders of innovative companies, universities and other organisations coming up with technical solutions to solve this problem, and fast.
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GovGrant – a seat at the table when policy is discussed

Over the years our business has grown as a direct response to government initiatives to encourage innovation in the business community. Using our experience and expertise, we now have a seat at the table when government and businesses discuss the best way to reward innovation in the UK. We aim to influence policy by representing our clients.
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R&D tax credits provide a real financial benefit to UK companies. As part of the UK governments commitment to R&D and innovation, it is one of the most successful mechanisms to support innovation in business. And now is the time to make sure that you are receiving the maximum amount of value possible.
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On Friday 3 April the government announced that Innovate UK, part of UK Research and Innovation, will invest up to £20 million in the funding of innovation projects that respond directly to the Covid-19 pandemic.
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GovGrant, like many SMEs, is doing everything we can to share, support and advise UK companies at this time

Yesterday we received an email update from HMRC specifically on R&D tax relief, which we share below. We hope it helps answer some of your questions but if you want to have a more detailed conversation about how Covid-19 is affecting your business either email or leave a message and we’ll get back to you.

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“What is this life if, full of care, we have no time to stand and stare.” The words of welsh poet W H Davies were ringing my ears for all the right reasons today.”
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The chancellor stands firm on the government’s commitment to R&D tax relief. The government have announced sweeping measures to turbocharge the UK economy and commitment to R&D was underlined with a massive £22bn investment.

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The golden rule in an office, never talk politics – well sorry, I feel that I need to break that rule! The election manifestos have been unsurprising from the main two parties – sort Brexit on one side or change everything the other side is the summary. But of selfish importance to me and my clients is the parties view on how government should invest in R&D to make sure the UK leads the world in innovation.

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In their latest podcast, Accountancy Age spoke to GovGrant’s CEO, Luke Hamm, about the need for the R&D tax credit programme to be kickstarted in the UK in order to drive much-needed innovation. In this entertaining podcast, we cover why the government must do more, how businesses of all sizes are missing out, the regional problem and why the big four need to take some of the blame for the issue.

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Innovation tax specialist GovGrant comments on the annual HMRC tax credits statistics and says Government needs to demonstrate that it really is pro-business. Commenting before the publication today (10 October) of the latest HMRC statistics measuring the amount of tax credits claimed by the UK’s most innovative businesses during the previous 12 months, Luke Hamm, CEO of GovGrant, said:

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Commenting on HMRC’s analysis of UK R&D tax credits in its report, published today Luke Hamm, CEO of innovation tax specialist GovGrant, which has helped businesses claim back over £200m for their R&D, said: “The good news is that the number of claims by UK SME businesses accessing the tax credits system has increased by 22% between 2015-16 and the end of 2017. 77% of all claims are from SMEs, and there’s been a welcome 15% increase in the number of first time SME applications.”

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GovGrant is delighted to be sponsoring the Innovation category at this year’s Hertfordshire Business Awards. This will be our third year sponsoring this category, which recognises and rewards innovation within our region. It always made sense for us to sponsor this award, after all, we spend our time working with all kinds of firms helping them identify innovation so they can get access to vital government funding.

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