Although there is immense uncertainty, R&D tax credits have remained unaffected.
The UK government has expressed no intention to halt or reduce current R&D tax relief schemes following the UK’s withdrawal.
The government is eager to ensure British markets remain competitive and industry leading, meaning innovation is arguably more important now than ever before.
As we are no longer subject to EU regulations, including state aid, in theory, this means that companies won’t be prevented from receiving multiple forms of state aid – an SME that previously couldn’t claim R&D tax relief on the basis of already receiving another grant now can.
While the future of R&D tax credits remains in the air as UK and EU negotiations continue, the positive is that Brexit doesn’t look set to affect R&D tax relief.
For more information on how we can help your SME and its R&D tax relief in these unprecedented times please don’t hesitate to contact us