What Does 2020 Mean For Business Owners In Britain?
2020 is the start of a new decade. But what does that mean for Business owners and the Economy?
Well, we've propelled into a new year with a new political leader, Brexit is still looming and with both fact and propaganda still floating around the internet, just what can we really believe?
One thing that is becoming clear, is what 2020 means for R&D Tax Credits, and business owners who are entitled to claim them.
Whether you agree with all of his policies or not, Boris Johnson has been vocal in the past about his passion for the R&D Tax Credits initiative. In an article regarding the Conservative Party and their hopes to create a better Britain for businesses, they state:
"It is essential that we boost private sector research and development investment in order to raise productivity over the medium and long term. Around 7,000 claims for R&D credits were made under the Research and Development Expenditure Credit scheme in 2016/17."
"Raising the relief rate from 12 per cent to 13 per cent will boost manufacturing and professional, scientific and technical services sectors in particular. We will also review the scope of R&D tax credits to ensure they are fit for the future, including whether areas of investment such as cloud computing and data should be within scope."
The conservative party continue to stand in support of the R&D Tax Credits Initiative, as the continued to state that their top priorities for businesses in the UK is "spurring innovation, creating jobs, stimulating growth".
R&D Tax Credits are rewarded to businesses making a notable contribution to the UK economy through Research and Development. The idea behind the initiative is to work as an incentive, encouraging businesses to continue to innovate.
Most business owners make the decision to put the rewards back into their business, whether it be through expanding their facilities, hiring new employees, purchasing new equipment etc. All of which can be used to continue the cycle of growth and creativity, working toward a stronger economy.
The Conservative Party have also been reviewing the R&D Tax Initiative in an attempt to make it more inclusive of the now dominantly digital world. Ensuring the criteria for eligibility is more open for those working on innovation on projects such as software, information & communications, technology, media and more.
If your business has been working on something unique, even if it is yet to reach the market - you could be eligible to thousands in a huge cash reward from HMRC. Want to know if you're entitled to R&D Tax Credits? Contact us and let us know what you've been working on!