On 28 March, just before the Easter weekend,The Government released the legislation for the “above the line” ATL credit for research and development. This reflects the amendments made to the draft legislation released in December 2012, made in response to the consultation process. The new regime will be applicable to both large companies and those SMEs who have to claim R&D tax relief under the large company regime.
There have been a few changes in response to the consultation process making this potentially more valuable for those companies without a corporation tax liability wanting to take advantage of the payable tax credit option. As promised on budget day we have included the detail of these on our website. You can find these in the following link.
Above the Line R&D tax credits – Finance Bill 2013 update
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Contact
If you would like to discuss the potential application of the ATL legislation to your company, or any other aspect of the R&D tax relief schemes, please do not hesitate to contact me on 0207 292 8850 or at john.moore@kinglybrookesllp.co.uk.
About Kingly Brookes
Kingly Brookes is a firm of chartered accountants based in Cambridge and London specialising in working with technology companies to optimise their claims for R&D tax relief and Patent Box relief.
We combine a deep technical knowledge of the working of the two schemes together with a practical hands on approach to claim preparation proven to optimise your claim potential and ensure certainty over your claim outcome.
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