Chris Harrison looks at how reforms will help SMEs
The government has stated that high-growth high-tech companies will be a key component of the private sector led recovery and has made a commitment to make the UK the most attractive place to start and invest in innovative technology companies. Together with the new patent box regime it recognises that the R&D tax credit schemes are key to delivering on this commitment. Accordingly the government has in FA 2012 begun to implement a series of proposed improvements to the schemes.
With just two exceptions the changes enacted in FA 2012 largely relate to the small and medium-sized enterprises (SME) scheme (broadly applicable to companies with fewer than 500 employees).
The changes legislated for...
