The UK government should widen the scope of research and development tax credits and reintroduce a 28-day limit processing target for claims made by small and medium-sized enterprises, a group of lawmakers said Wednesday.
Arts, humanities, and social sciences research should be included in the eligibility criteria to claim R&D tax credits, Parliament’s Business and Trade Committee said in a report titled “Small Business Strategy.”
The committee’s recommendations come after government consultations in which business owners raised issues regarding the narrow scope of the R&D tax credits and delays in processing claims.
Until 2022, His Majesty’s Revenue and Customs had ...
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