SMMT webinar to focus on how to benefit from the latest R&D tax credit initiative

26 March 2013 #SMMT News

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


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