Rishi Sunak, Chancellor of the Exchequer, announced major changes to UK R&D Tax Credits, citing that some parts were "not working well" and were "unfair for taxpayers.".
There are thousands of companies who are either underclaiming or not claiming at all due to misinterpretations of R&D tax relief.
Everything seems to be getting back to normal, but what's changing in the world of R&D Tax?
There are a number of factors that can impact a company's R&D Tax Claim, in the construction industry this is mainly; SME vs. RDECs, the PAYE contributions cap and the proportion of subcontractors to PAYE.
We sat down with our Senior Financial Consultant, Rob Elliott, to discuss the ins-and-outs of the PAYE & NIC cap.