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Spring Budget | Reforms to R&D tax relief
Whether you’ve worked on designing a new product, or developed a bespoke digital solution for a client, you may be eligible to receive a valuable tax credit or refund. Our partners at leading R&D tax relief consultancy, ForrestBrown have extensive knowledge of the design industry and come recommended by many DBA members.
ForrestBrown have helped secure over £4.5 million in R&D tax credits for DBA members. It’s been fantastic to hear about the positive impact this has had on members’ businesses, and to see those who hadn’t considered themselves eligible for R&D tax credits benefiting from this member service.
There have been recent reforms to R&D tax relief, which ForrestBrown have been helping members understand and navigate so they can capture the full value of their innovation and protect their business from risk.
Following the announcement of the Chancellor’s Spring Budget on further changes to the UK’s R&D tax relief scheme, Jenny Tragner, Director and Head of Policy at ForrestBrown shared her thoughts on the Budget, highlighting that it “was peppered with positive policies to encourage innovation but lacked a coherent narrative to help businesses navigate an increasingly complex tax landscape.”
Tragner continued: “The Chancellor set out his stall to harness British ingenuity, so it is fitting he has taken an inventive approach to reforming R&D tax relief. However, while enhanced support for SMEs is welcome, the qualifying criteria introduces further complexity for businesses already struggling to make sense of the raft of reforms announced at previous fiscal events and set to come into force this April.” Tragner goes into further detail on what the Spring Budget means for UK innovation in this article.
R&D tax credits
Research and development (R&D) tax credits are a valuable government tax incentive that rewards UK companies for investing in innovation. If a project meets the government’s definition of R&D, you can recoup a percentage of your innovation costs.
Many of our members aren’t aware they can benefit from R&D tax credits, haven’t heard of the incentives, or if they have, don’t think they are eligible.
ForrestBrown, the largest specialist R&D tax credit consultancy in the UK, have delivered over £4.5 million in R&D tax credits to DBA members and can show you:
• how your business can qualify
• how much R&D tax incentives can be worth to your business
• the positive impact of claiming, with real-world examples from your fellow members
Contact Adam Fennelow at the DBA, who can set up an initial discussion with ForrestBrown to see if you are eligible.