R&D grants & innovation news: R&D Tax Credits update

The Taxation (Research and Development Tax Credits) Bill is about to go before Parliament for its Second Reading.

If it is passed into law, the RDTI will take effect from the beginning of a business’s 2019/2020 income year.

Check your eligibility and record-keeping requirements 

You can find out more about eligibility and record-keeping obligations in Inland Revenue’s draft guidance material here. Final guidance will be published once the Bill is enacted – and we’ll keep you updated on that.

Start recording R&D expenditure

For most businesses, this means R&D expenditure from 1 April 2019 will be eligible for the RDTI, and you should start recording it now – or whenever your business’s 2019/2020 income year begins – to ensure your records are ready to file at the end of the 2019/2020 tax year. 

Existing Callaghan Innovation support for R&D

Apart from Growth Grants, which the RDTI has replaced, all other Callaghan Innovation services and products are unaffected by the new initiative. This includes

Project Grants, Student Grants and Getting Started Grants

For clients with Growth Grant, Callaghan Innovation will continue to work towards a smooth transition to the RDTI.

If you’d like to know more about the RDTI or any other R&D Grant schemes, contact us at the resources guys.