The UK’s R&D tax credit scheme is funded by UK money and is not supported by any financial contributions from the European Union. We remain confident the government will continue to acknowledge the important role that R&D tax credits play in boosting innovation in the UK.
With fluctuations in the financial markets, we envisage that some businesses may in the coming months experience cash flow difficulties and in case they do we urge them to consider R&D tax credits as a source of funding. The R&D tax credits programme is still open for business and on submitting a claim, a company can expect to receive a cash benefit paid directly to their bank account within four to six weeks.
At ForrestBrown, we pride ourselves on our good working relationship with HMRC. Jenny Tragner, our director, is a member of HMRC’s R&D consultative committee and she will be working closely with her peers to monitor developments and consider their impact on businesses. We will continue to keep our clients updated on this matter.