HMRC has outlined a plan of action to make the R&D regime easier for small companies to use.
R&D tax relief enables small and medium sized companies to claim additional tax relief of 130% on qualifying expenditure.
Companies with less than £2 million turnover and fewer than 50 employees will be able to use an advance assurance scheme offered by HMRC when they make their first claim. Bespoke guidance on the relief will also be provided for smaller businesses.
Also planned is a Government action to identify companies that qualify for R&D relief but have not claimed it and to develop templates and guidance to assist the recording of qualifying activity and expenditure.