Changes in the R & D Tax Credit Scheme and an overview of Patent Box

Given the significant changes that HMRC have announced over the last 18 months it is vital that all parties involved in claiming R & D for their clients are fully informed of what the changes are, and when they will come into force. Most importantly what the changes will mean to the benefit that the client will be entitled to. HMRC have become quite draconian in the way they look at claims and recruited over 200 forensic accountancy specialists to look over claims going back six years. They have also increased significantly the number of investigations into current claims to irradicate the number of fraud cases that have been submitted in the past. We will discuss how we at Catax are working with our clients to ensure that the client does not get embroiled in cases that go to investigation. 

We shall also go through the timelines for the implementation of the changes as they have not all been given the same commence date. We will present our timeline document which gives the exact time and most importantly the effect it will have on individual companies dependant on their year end. 

The second part of the presentation will be around The Patent Box Tax Relief Scheme. This is in our opinion the must under utilised Tax Benefit. In the main because very few Finance Professionals understand both the significant benefit it gives to companies who qualify, and the manner in which it needs to be presented to HMRC.  

We will go through the full process and explain the many pitfalls that can arise if the claim is not presented correctly. We will also explain the role of the IP Attorney in this situation and how the time to receive the benefit can be significantly reduced.