IT industry issues from Intellect - read our blog...
Politics, life after the reshuffle and the credit crunch
Concept Viability: Early engagement with industry
22/03/2006
Tom Wills-Sandford, Deputy Director General of Intellect, the hi-tech industry body says: “Intellect welcomes the Chancellor’s announcement to extend the SME research and development tax credit by doubling the employee count threshold from 250 to 500 employees. This will help SMEs who originally fell out of this bracket to now benefit. Software companies will particularly benefit, as a large number currently fall in to this category. At the moment, businesses which grow over the head count threshold face a significant loss in benefit, often at a time when the cash is still vital to their ability to grow. The changes announced today will make a significant difference to innovative businesses in the UK. We hope the EU Commission will work swiftly with the Treasury so we can start seeing the improvements sooner rather than later. The Chancellor is also on course to introduce training for tax inspectors to make sure that they understand software R&D procedures. A clearer outline of the training plans is expected this summer and we look forward to working with HM Revenue & Customs (HMRC) when laying the foundations.”
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