BlogLatest NewsSmall businesses and start-ups that do research and development (R&D) will receive more cash from HMRC.

Small businesses and start-ups that do research and development (R&D) will receive more cash from HMRC.

Small businesses and start-ups that do research and development (R&D) will receive more cash from HMRC, Chancellor George Osborne announced in the Budget

From 1 April 2014, the tax credit for loss-making small and medium-sized businesses will be increased from 11% to 14.5%. The tax credit - paid in cash - is to encourage businesses to invest and innovate.

Around 10,000 small businesses claim R&D tax relief each year, HMRC said.

?Jumpstart, which advises businesses on claiming R&D tax credit, said the more generous tax breaks create the "right climate for enterprise and innovation."

The R&D tax rules define an SME as a company or organisation with fewer than 500 employees and either an annual turnover not exceeding £83m, or a balance sheet not exceeding £72m.

 

Source - Accountingweb

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