We have received a number of queries regarding R&D at the current time.
The situation is obviously fast-changing, but HMRC have currently indicated:
- They are aiming for 28 days for SME’s with claims for payable cash credits;
- A company’s “going concerns” shouldn’t be impacted by the Coronavirus;
- Changes to the PAYE cap and Externally Provided Workers rules are being pushed back to April 21.
However, as we now know that the Coronavirus Business Interruption Loan Scheme (CBILS) is a State Aid, companies need to be aware of this when using the finance on their R&D projects (as it will preclude any claim under the SME scheme for any CBILS-funded project).
As we continue to navigate the challenges presented at this time, we will keep you updated on developments.
If you would like clarification, please call your usual contact or email [email protected]