George Osborne has just finished introducing the 2012 Budget, and some details are already available on the HM Treasury website.
The 2011 Budget already promised a raise of the tax credits “enhancement rate” to 225% from April this year (up from 200% last year, and 175% before that). This is coming in as promised, as are, as far as we know, the removals of the PAYE/NIC caps. Good news so far.
The new decision is something that’s come out of the Consultation process, which is the introduction of so-called “Above the line” R&D Tax Credits. The idea there is to make it easier to link up an R&D project to a tax credit, rather than having to go through the finance department (in large companies) and thus effectively make this a matter for the CFO rather than the CTO.
For small businesses, we hope that this change won’t make too much difference, though it is probably going to make things more complicated. This is unfortunately an inevitable consequence of the government doing, well, almost anything.
How this is implemented remains to be seen. There will be consultations over the next year, devising ways to implement this, which we will try to get entrepreneurs involved in, as we’ve done for Patent Box.
In a nutshell, net neutrality allows innovation to flourish by levelling the playing field for new disruptive companies against established businesses. We must protect it or risk the bigger…
Thanks to smartphones, many of us have become accustomed to round the clock internet access. But, for the sake of our mental health, we should learn to disconnect occasionally.…
Last week, the Office of National Statistics released a detailed report on UK R&D spending in 2016. The results are encouraging in some ways: expenditure is up and has been…
Google Chrome is the undisputed king of the browsers. Since its release in 2010, Chrome 5.0 has decimated the competition to become easily the world’s most used internet browser. Its…