SMMT will be holding a webinar on Thursday 18 April to explain and discuss government’s introduction to tax credit for large company R&D expenditure on 1 April 2013.
On the panel:
- Yung Tran: Head of Member Services and Business Improvement, SMMT
- Robert Baker: Chief Economist, SMMT
- Diarmuid MacDougall: R&D Partner, PwC
The webinar will be co-presented by Robert Baker and Diarmuid MacDougall. Robert will provide an overview of automotive and motoring related items from the 2013 government Budget. Diarmuid MacDougall, R&D Partner at PwC, has been heavily involved in the design of the new R&D credit.
On 1 April the government will introduce a new R&D credit, which can be treated like a grant and set against the cost of investment by companies in their research or development. This comes after a huge number of submissions by businesses and industry bodies, particularly SMMT and EEF, calling for the change.
While the government already provides an R&D benefit, it is accounted for by businesses as a tax which means it doesn’t reach the R&D budget holders who are responsible for R&D investments. This lack of visibility means it has much less impact on investment decisions. Worse still, it only provides cash savings if a company owes HMRC corporation tax on its profits – which may not be the case if the business has been investing heavily in R&D technologies, which many are, or if the business incurred losses in the downturn, as many did.
The webinar will cover:
- Activities that will qualify for R&D credits.
- The expenditure on which the credit is given.
- How the existing R&D relief and the new grant like R&D credit work and issues to address when electing into the new scheme.
- Methods for making R&D claims which minimise the effort involved.
The webinar will take place on Thursday 18 April, 10:30-11:30. Presentations will be followed by a Q&A session.
To register, click here, fill in your details and joining instructions will be e-mailed to you directly