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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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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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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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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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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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

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 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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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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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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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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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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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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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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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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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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• 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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Preliminary GovGrant research finds a potential 50% service gap in for UK businesses. Over a third, (38%) of UK accountancy practices may not provide their clients with tax credit services for innovation and R&D, and a further 13% say there is no client demand for this service. The preliminary findings come from a survey of accounting firms by innovation tax specialist GovGrant, which helps the UK’s most innovative businesses claim tax benefits for their R&D and intellectual property.

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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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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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The march of artificial intelligence is seemingly unstoppable. An AI-world is viewed with alarm or excitement depending, I suspect on whether the Terminator movies increase your pulse rate or send you to sleep.

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Q. You’ve had a number of senior roles in private equity-backed businesses, and in private equity, so what was the attraction of joining GovGrant?

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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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We are working more closely than ever with accountants to help businesses secure the grants which are so vital to encourage continued innovation which not only helps them to an edge over competitors but also keeps the wheels of industry turning.

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