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What Information is Needed for an R&D Tax Claim?
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…
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R&D Tax Credits in the Maritime Sector
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…
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The Importance of R&D Tax Credits in the Life Sciences Sector
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…
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The Risks of Using AI in R&D Tax Claims: A Cautionary Tale
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…
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How does the Autumn Budget 2024 affect your innovation funding?
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,…
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Overseas R&D Expenditure: Understanding the New Rule Changes
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:…
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Additional Information Form (AIF): Help Guide
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…
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HMRC Compliance Impact on R&D Tax Claimants Amid 2024 Economic Challenges
HMRC Compliance Impact on R&D Tax Claimants In the face of ongoing economic uncertainties in 2024, businesses are increasingly reliant on R&D tax credits to fuel innovation and maintain competitiveness. This white paper examines the latest HMRC compliance statistics and their implications for R&D tax claimants, emphasising the need to adopt an in-year approach as…
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Regulatory Innovation Office: A New Era of UK Innovation
In a significant move to accelerate the adoption of cutting-edge technologies, the UK government has launched the Regulatory Innovation Office (RIO). This new unit aims to reduce bureaucratic hurdles and speed up public access to transformative technologies, from AI in healthcare to emergency delivery drones. What is the Regulatory Innovation Office? The RIO is designed to…
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The Cash Flow Impact of an HMRC R&D Tax Compliance Check
The Cash Flow Impact of an HMRC R&D Tax Compliance Check By Alastair Hall, R&D Management As an R&D advisor, I’ve encountered numerous CFOs and CEOs who assume their R&D tax claim process is fool-proof. Due to recent HMRC policy changes, combined with an increase in compliance checks, this assumption can have negative impacts…