New Appointments to the board of UK Research and Innovation (UKRI), to help maximise benefits from government investment into Research & Development (R&D)

Appointment of new directors to the board of UK Research and Innovation (UKRI), to assist with maximising benefits from government investment into Research & Development (R&D)

Appointment of new directors to the board of UK Research and Innovation (UKRI), to assist with maximising benefits from government investment into Research & Development (R&D)

On the 24 September, the Business Secretary Kwasi Kwarteng, confirmed six new non-executive directors had been appointed to the board of UKRI.   These new appointments will introduce a mix of business, scientific and technological expertise, working together with the UKRI’s Chair, Sir Andrew Mackenzie to support and challenge UKRI to maximise the benefits from government investment into Research & Development (R&D) and help secure the UK’s status as a global science superpower. 

Research & Development tax relief is an incentive available to UK limited companies which encourages investment or innovation.  R&D tax credits can reduce a company’s tax liability or, if a company is not in profit, provide a payable cash refund.

R&D tax relief for SMEs can be worth up to 43.7% of a company’s R&D expenditure.  Claims can be made retrospectively for any R&D activity carried out in the last two years.

Patent Box Regime

The patent box provisions can be used to reduce tax following R&D activities that result in a patented innovation.  Effectively, a 10% tax rate can be applied to all profits attributable to products, processes or royalties that carry on or include a qualifying patent.

Why you should speak to us to find out more:

The Haines Watts R&D tax team are a group of personable, plain-speaking professionals who translate intricate tax legislation into easy to understand language.   Many of our team have previously held senior positions within the R&D departments of HMRC for many years. 

Not only that, Haines Watts combine R&D tax expertise alongside our extensive experience of owner managed businesses to maximise R&D claims. 

We know more about how other business and tax matters interrelate with R&D tax credits claims.  For example, the business structure and remuneration of key directors can have a significant impact on the level of qualifying expenditure so you need an advisor who can look at the wider picture.

Specialist R&D tax consultancies may not have this experience and only go so far in terms of understanding your business needs and building long-term relationships.

By using us, you are minimising the risk of under-claiming or over-claiming.   When it comes to making your R&D claim, our expert knowledge ensures that we maximise the relief available to you.

If you would like to discuss further about whether your work qualifies for R&D Tax Relief please contact us