The Queen gave her speech yesterday in which the government revealed its plans for the year.
It was announced in the speech that there will be an increase in tax credits available to companies through the Research and Development scheme.
Sarah Collins, Director of RIFT Research and Development Ltd, has provided a comment on the announcement.
“We are delighted to hear Her Majesty specifically mention R&D Tax Credits in her speech this morning and that our new Government has committed to increasing R&D tax credits to help innovative businesses thrive,” the Director said.
“Although the R&D tax credit regime is still lesser known than SEIS and EIS and Entrepreneur’s Tax Relief, it is a relief that benefits UK business to the tune of over four billion pounds each year and can be worth hundreds of thousands of pounds to those companies investing in tech, research and new ways of working. ” Sarah Collins continued.
“At RIFT, we believe it’s important to help those operating within agriculture, fintech, construction, property, retail, insurance and start-ups generally, to receive some much needed financial help from the taxpayer in return for their forward thinking.”
Sarah Collins added: “It’s fair to say that the starting pistol has been fired by Boris Johnson and if there was ever a doubt with regard to his previous ‘F*** business’ comments, he is clearly determined to reverse such an attitude. In fact, it would seem he’s now more ‘for business’ than ‘f*** business’.”
With last week’s general election out of the way, UK politics can turn its attention back to resolving the Brexit induced political and economic uncertainty to hit the nation.
Elsewhere this week, the Bank of England decided to keep interest rates on hold at 0.75%.
The President of Stenn Group provided a comment on the announcement, insisting that Boris Johnson’s win provides the nation with the “much-needed solidity” it has been craving.