Government support for SMEs even more valuable
The Chancellor has announced a substantial increase in the rate of the Research and Development (R&D) tax credit for loss making Small and Medium Sized Enterprises (SMEs) from 11% to 14.5%.
This increase means that for every £10,000 spent on qualifying R&D, loss making SMEs can generate a repayable tax credit of £3,200.
The rate increase will apply to qualifying expenditure incurred on or after 1 April 2014 and will be a welcome cash flow boost for loss making SMEs undertaking R&D.
For more information, please contact our Tax Partner, Chris Barrington on the details below:
telephone 01942 292505