2022 – A few changes for R&D
We have had a busy year at R&D Taxbox advising a number of businesses on their R&D tax credit claims in a number of different industries. 2022 saw a few changes for R&D.
It has been a challenging year for the industry, the Chancellor announced a number of key changes in the Autumn Statement. Driven by abuse and fraud of the R&D SME scheme, a cut in the enhancement rate from 130% to 86% and a reduction in the tax credit rate from 14.5% to 10% will come into force from April 2023.
Following the increase in fraudulent claims, HMRC have been focusing on more stringent compliance checks which has led to a huge delay in claims being processed. This has really impacted businesses who are already struggling with increased business running costs.
In August, Amy Bernard joined the busy R&D Taxbox as an Office Administrator. Providing administrative support to ensure R&D tax credit claims are processed and submitted efficiently.
We also exhibited at two business shows, the Reading Business show in June and the Hampshire Business Show in October. It was great to spend time meeting potential and existing clients and discussing all things R&D Tax credits.
As the R&D Taxbox team has grown this year, we would like to support a local charity through fund raising events and helping to raise their profile. We have decided to support Honeypot as our charity of the year for 2023. Since 1996 Honeypot has been working to enhance the lives of young carers aged 5-12 years by providing respite breaks and on-going outreach support.
At the end of 2022, the R&D Taxbox team also decided to become a part of the Xeinadin Group. Being a part of the Xeinadin Group will allow us to access extra resources, training and services. On a day-to-day basis nothing will change for our team or clients, and we are excited about being a part of a group of over 100 business advisory and accountancy practices across the UK and Ireland.
Jon Goodier, Director said “After a busy 2022, we are looking forward to growing the R&D Taxbox even more throughout 2023 and the opportunities from being a part of the Xeinadin Group.”