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Research and Development Update

New R&D tax relief guidance available

For accounting periods beginning on or after 1st April 2024, a new merged scheme for research and development tax credit comes into force.

The new merged scheme replaces the old RDEC and small and medium-sized enterprise (SME) schemes.

The new scheme reduces the amount of benefit that would generally have been received under the old scheme.

Loss-making R&D intensive SME companies can also benefit from additional support through Enhanced R&D Intensive Support (ERIS). Broadly speaking, if a company’s R&D expenditure amounts to at least 30% of its total expenditure then it may qualify as R&D intensive.

HMRC has published guidance on how to claim, but if you need any help with an R&D claim or wonder if your business could make a claim, please contact us at any time and we would be happy to help you.

Guidance on the merged scheme and ERIS can be found by CLICKING HERE

Folkes Worton LLP Chartered Accountants
Accounting for the Future