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Last edited 21 Mar 2023
ECA partners with adviser to help members navigate R and D tax relief
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.
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