Commenting on the announcement of changes to the R&D tax credit scheme as well as other business support, PwC Partner Suzi Woolfson said:
At a time when they’re struggling with energy bills, the cut in business rates for those in hospitality, leisure and retail will be welcomed and small businesses will benefit further with the Employment Allowance increase.
There’s significant potential in the plans to modernise the R&D tax credits scheme, but they could go further. The immediate inclusion of pure maths-related research will help, alongside the expansion for cloud and data expenditure. And in the Autumn we could see a move to simplify it as well, creating a one-size-fits-all scheme to reduce complications and encourage uptake. With the need to inspire UK businesses to invest in innovation and reduce the productivity gap, this is an important area of focus.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 156 countries with over 295,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at PwC.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see how we are structured for further details.
© 2022 PwC. All rights reserved
Press office, PwC United Kingdom
Northern Ireland media and communications manager, PwC United Kingdom
Tel: +44 (0)7483 361533