HMRC have published a response to the consultation Improving access to Research and Development tax credits for small business. The response document sets out the Government’s plans for the next two years, including the introduction of a process of Advance Assurance from November 2015.
To boost take-up of R&D tax relief by small businesses, HMRC will:
Advance Assurance will be available to first time claimant smaller companies (turnover less than £2m and fewer than 50 employees). Successful applicants will receive assurance that HMRC will not enquire into their first three years of R&D tax relief claims.
The response document can be found here.
If you wish to discuss these changes please do not hesitate to get in touch.