Claiming research and development tax credits after Brexit

Key points

• Research and development tax credits reduce a business’s corporation tax bill and can boost innovation spending.
• Credits worth about £3.5bn were claimed in 2016-17.
• They can be used to improve cashflow and reduce skills shortages.
• Companies should consider R&D incentives as an alternative to EU grants.

Uncertainty of any kind creates problems for business – funding short-term cash flow staffing for today and for tomorrow. Businesses must know that goods services and skills will be delivered safely reliably and on time so that supply chains can function before increasingly important environmental concerns are factored in.

Without doubt Brexit has presented uncertainties and challenges. This article will explore how research and development (R&D) tax credits can help UK businesses overcome the challenges of uncertainty – today and after Brexit. If clients are feeling the strain at this time of unprecedented economic turbulence R&D tax credits can help. They also...