Kirby & Haslam

A Closer Look at HMRC’s Additional Information Forms

From the 8th of August 2023, claims submitted for the Research and Development (R&D) tax relief scheme have been required to send in advance an Additional Information Form (AIF). This change was originally announced in April of this year, and here at Kirby and Haslam, we have been working to streamline this transitional period for our clients as much as possible. Now, a month on from these regulation changes taking effect, it’s hugely important to understand how these procedures can potentially impact your claim. 

Debunking R&D Tax Credit Myths

R&D tax credits are a fantastic opportunity that rewards UK businesses for their innovation, but with so much misinformation floating around online, this government-led scheme can seem confusing and therefore is often under-utilised. With over 20 years of experience, Kirby and Haslam have the expertise to separate facts from fiction. We have broken down the most common R&D Tax Credit myths to help you feel confident in your claim.

The Importance of HMRC Compliance for Modern Businesses

As a respected specialist in the field of HMRC compliance and taxation, Steven Powley, Kirby & Haslam’s Commercial Manager, shares his keen understanding of the importance of maintaining HMRC compliances for modern businesses. With years of experience in helping businesses navigate complex tax regulations, he shares his insights into why HMRC compliance is crucial, and why working with experienced and trusted partners like Kirby & Haslam is essential.

Staying Ahead of Compliance Changes

In today’s rapidly evolving business landscape, keeping up with the latest changes in compliance is crucial for companies seeking to maximise their Research and Development (R&D) tax credit claims. At Kirby & Haslam, we understand the challenges businesses face in navigating these complex regulations.

Research & Development Tax Credit Changes from April 2023

The UK’s Research & Development (R&D) Tax Credit Scheme is a government incentive, introduced in 2000, aimed to encourage businesses to invest in innovation projects. Providing tax relief for companies who undertake R&D, the scheme helps offset costs associated with research investment.

Research & Development in the United Kingdom

Research and development (R&D) plays a vital role in the United Kingdom’s economy, helping to drive innovation, increase productivity and competitiveness whilst also supporting growth. The UK has a long-standing tradition of scientific and technological excellence and is home to many world-leading universities and research institutions.

The Importance of Diversity and Inclusion in the Workplace

What is diversity and inclusion?
Diversity is the progressive mindset that allows you to understand, accept, and value the differences between people of various ages, gender, race, sexual orientation, ethnicity, religion, disability, knowledge, experience, skillset, and personality.

Prepare Now for the Challenging Corporation Tax Rise

The ‘growth plan’, set out by the then Chancellor, Kwasi Kwarteng, on the 23rd of September 2022, included a number of substantial tax announcements but two of these have now been reversed. On the 14th of October, the Prime Minister announced a return to the previously planned increase in the corporation tax rate to 25% from April 2023. This followed an earlier announcement of the reversal of the planned abolition of the 45% top rate of income tax from the 6th of April 2023.

Overseas R&D – Will It Affect Your R&D Claims?

Changes to R&D Tax Credits were made in 2022, and they are set to go into effect in April 2023. This makes modifications to both RDEC and SME R&D relief.

Measures included in the law include broadening the scope of R&D relief to encompass data and cloud computing investment (more on this here), as well as expanding the term to include pure mathematics. Along with this, there are procedures in place to combat misuse and compliance (learn more about this here) as well as resolve any future abnormalities or unintended repercussions. Perhaps the most significant change for firms with an overseas presence is shifting the focus of relief to innovation in the UK.