And FI Guide: What Qualifies as R&D Expenditure R&D tax relief schemes are designed to encourage innovation by allowing businesses to claim back certain types of expenditure. Understanding what qualifies as R&D expenditure is crucial for maximising your claim. This and the subsequently linked guides outline the main categories of expenditure that can be claimed…

An FI Group Guide: What is R&D Tax Relief? And How to Claim. Research and Development (R&D) Tax Relief is a government incentive designed to encourage companies to invest in innovation. This relief can either reduce your company’s tax bill or provide a payable tax credit, offering significant financial benefits. Benefits of R&D Tax Relief…

An FI Group Guide to What Information is Needed for an R&D Tax Claim Before starting it is important to know what information is needed for a R&D tax claim and gathering specific financial documents is crucial to ensure a smooth and accurate process. This guide outlines the key information and reports required from clients…

R&D Tax Credits in the Maritime Sector are a crucial incentive designed to foster innovation and technological advancements within this vital industry. These credits offer financial relief to maritime companies that invest in developing new or improved products, processes, or services. By reducing the tax burden, R&D tax credits enable businesses to allocate more resources towards…

The transformative era of Scottish offshore wind The Scottish offshore wind sector is on the cusp of a transformative era, with recent projections indicating a staggering £29 billion investment slated for the next few years, culminating in 2030. This substantial influx of capital highlights the growing recognition of offshore wind as a pivotal player in…

As the life sciences sector evolves, grasping the role of R&D tax credits becomes essential for companies aiming to succeed in a competitive landscape. These tax incentives provide crucial financial support and promote innovation, which is fundamental for the advancement of new therapies and medical technologies. Given the complexities involved in drug development and the…

Alastair Hall, the UK Managing Director at FI Group, shares a cautionary tale about a prospect who used ChatGPT to write an R&D tax claim report. As the UK Managing Director at FI Group, I recently encountered a prospect who was handling his R&D tax claims internally. To save time, he decided to use ChatGPT…

Exploring the changes to the innovation grants, R&D Tax and venture-lending landscape Innovation incentives, such as grants and R&D tax credits, play a crucial role in driving economic impact for the UK. In recent years, these have led to the creation of approximately 150,000 new jobs, particularly in highly skilled sectors like biotechnology, medical equipment,…

The UK government has introduced significant changes to the R&D tax relief rules, particularly affecting overseas R&D expenditure. These changes, effective from April 1, 2024, are part of the Finance Act 2024 and aim to encourage more R&D activities within the UK. The key aspects of these new rules include: Restrictions on Overseas R&D Expenditure:…

Additional Information Form (AIF): An HMRC requirement for R&D tax relief The Additional Information Form (AIF) is a crucial development in the R&D tax relief landscape, introduced by HMRC in August 2023. This mandatory form aims to enhance the transparency and accuracy of R&D tax relief claims, ensuring that only legitimate claims are processed. The…