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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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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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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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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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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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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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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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, the innovation tax specialist that helps businesses secure tax breaks for their R&D and intellectual property, has targeted ‘vertical farming’ for future business development. GovGrant CEO Luke Hamm said that vertical farming provides ethical solutions to the problems of mass population, as well as practical opportunities to commercialise food production by adopting new practices in an industry that hasn’t much changed for thousands of years.

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Last month I attended Connected Investing held in Manchester University’s Bright Building. The Connected Investing event series is delivered through a partnership between UKBAA (UK Business Angels Association), the trade body for early-stage investing, and Innovate UK, part of the government-funded UK Research and Innovation.

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• Strong sales uplift following significant increase in claims volumes
• Brexit having no impact on SME investment in innovation
• CEO calls for regulation to remove cowboy claims farmers from the sector
• Partnerships with accounting firms a key growth opportunity

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Innovation tax specialist GovGrant is delighted to confirm today that it has been accepted as the research and development/intellectual property partner of Insurtech UK. GovGrant joins the 40+ insurtech startups and insurance-related businesses who have joined as associate members and partners since the Insurtech UK alliance – which plans to become a formal trade association in the next few months – informally launched in November 2018.

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Business financing – cash flow and employees are key assets in every organisation and while the full impact of Brexit on business remains to be seen, business owners should take every opportunity to reinforce these critical areas now and for the future.  GovGrant, the UK’s leading specialist in Government incentive funding schemes and Peninsula an award-winning provider of HR, Employment Law & Health & Safety support services would like to personally invite you to attend a brief but invaluable complimentary event for business owners at 9.30am on Tuesday 5th February 2019 at The Hallmark Hotel, Cambridge.

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The government is giving more of a boost than ever before to the UK’s most innovative companies, according to the latest full-year statistics from HMRC.

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Luke Hamm, chief executive of innovation tax credit specialist GovGrant, will urge business owners to monetise their intellectual property (IP) and stop treating it like a medal. In a keynote speech to delegates at the start of London IP Week (Monday 10 December), Luke, whose business helps the UK’s most innovative SMEs claim for the government’s ‘Patent Box’ scheme, will accuse policymakers of ‘woefully under-protecting IP,’ calling for bolder policies policy to ensure business and the wider knowledge economy derives full value from inventions.

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GovGrant, the St Albans-based innovation and R&D tax credits specialist, has welcomed government plans to develop localised industrial strategies, including for Hertfordshire, but has urged ministers to keep their focus on supporting the strategy at a national level too.

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Overview

Title: Budget 2018: Has the chancellor delivered on tax and innovation?

Date: Thursday, November 01, 2018

Time: 09:30 AM Greenwich Mean Time

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The government is giving more of a boost than ever before to the UK’s most innovative companies, according to the latest full-year statistics from HMRC.

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For any bricks and mortar business, one of the most significant investments they can make will be in plant and machinery. The natural temptation is often to keep the extent of this investment as low as possible while getting the job done in the most efficient and safest way possible.

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When it comes to claiming R&D tax relief and offering Patent Box services, are you sure that you are doing enough to maximise your clients’ position?

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We are delighted to be hosting our second ‘It Pays to Innovate’ workshop with Velocity Growth Hub next week. Seats are limited, but it’s not to late to book your free space!

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Charles Darwin said that ‘it’s not the strongest of the species that survive, nor the most intelligent, but the one that is most responsive to change.’ He was citing the animal kingdom, but (if he was still with us) he could equally be channeling the UK aerospace sector, one of the UK’s most important industries.

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Insurtech is the buzzword in the insurance industry right now, with dozens of UK start-ups all trying out new ideas and often hungry for investment cash. But what can they do to increase their chances of getting off the launch pad? Is there anything companies can do to get more government help?

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Come and join us for a free breakfast seminar on Tuesday 24th July 2018, in the heart of St Albans.

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GovGrant’s managing director Jeremy Tear has been judging the innovation category in this year’s Hertfordshire Business Awards and his visits to the shortlisted businesses have provided him with plenty of insights and inspiration.

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GovGrant is looking forward to exhibiting at The Business Show this year. This free business exhibition offers a wealth of opportunity, advice and information crucial for ongoing business growth within a challenging economy. The event is committed to providing you with everything needed to improve, evolve and expand your business.

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Charity + Bakeoff back on the box=Macmillian coffee morning.

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