ECA partners with adviser to help members navigate R and D tax relief
ECA has partnered with leading R&D tax adviser Forrest Brown to help Members navigate changes to R&D tax relief.
ForrestBrown works with businesses across the electrical engineering sector, offering full R&D claim preparation services through to enquiry support and ad-hoc consultancy advice.
The electrical contracting sector continues to evolve despite ongoing challenges, ranging from skills shortages to material costs. For many, R&D tax relief is a tool that can help overcome these challenges, though a number of major changes to the incentive have been announced, coming into force from April 2023.
Many ECA members will be familiar with R&D tax relief. For many businesses in the electrotechnical sector the incentive is a valuable source of funding that helps to underpin new projects, tackle challenges and even keep businesses ahead of market competition.
In his 2002 Autumn Statement, the Chancellor reaffirmed the government’s commitment to increase UK R&D spending to £20 billion a year by 2024-25. However, it was also confirmed that HMRC is tightening its approach to R&D tax relief. From new submission requirements to a bolstered compliance team, there has been a marked change in their approach to reviewing claims, and the number of enquiry notices is on the rise.
With significant reform from April 2023, ECA Members are strongly encouraged to determine how the reforms will affect any claims for tax relief that they intend to make.You can read more about the imminent changes as announced in the Autumn Statement and in additional steps HMRC are taking to ensure compliance. Here, you will see new information about the pre-notification of claims to HMRC (in some circumstances), the provision of ‘additional information’ in support of a claim, and more.
This article appears on the ECA news and blog site as 'ECA partners with leading R&D tax adviser ForrestBrown' dated March 8, 2023.
--ECA
[edit] Related articles on Designing Buildings
- Advanced construction technology.
- Case study.
- Construction innovation.
- Development appraisal.
- Innovation in construction projects.
- Innovative partnership procedure.
- Modern methods of construction.
- Qualitative research and the built environment.
- Research and development in disaster response
- Research and development in the construction industry.
- Research and development tax credits.
- Research and development tax relief.
- Research in the construction industry.
Featured articles and news
Discover and contribute to our specialist wiki microsites
Conservation, BIM, Diversity, AONBs and Circularity.
The benefits of breathable external wall insulation
Not just energy efficiency, but also wellbeing.
A systematic approach to conservation.
Delivering on a sustainability policy and action plan
How ECA exceeded its carbon reduction targets.
UKCA and CE marking; changes in detail
Pre and post brexit, now and the future of product certificates.
Construction product certification schemes
The role, background to and types of products certificates.
The construction industry ramps up for the general election
Election manifestos, charters, campaigns and comments.
Collaboration benefits of real-time file synchronisation
Three areas for users to focus on.
Time to recognise construction’s top talent.
Future of Green Skills in Sussex
A report on the incoming Green Skills revolution.
Sustainable Futures: Redefining Retrofit for Net Zero Living
The BSRIA Briefing 2024.
When flat roof specification becomes compromised.
Be alert to special features and techniques.
Practising Architect and Director of Sheldon Peever Studio.
Biodiversity net gain, tips and tools for small sites
How to deal with BNG when options become limited.
Registered building inspectors
Building types and conflicts of interest updates explained.
A brief run-down reminder of key points to note.
Comments
[edit] To make a comment about this article, click 'Add a comment' above. Separate your comments from any existing comments by inserting a horizontal line.