BIA welcomes UK’s R&D tax credit scheme

The UK BioIndustry Association (BIA) is calling for an extended advance assurance scheme in its response to the UK’s HM Revenue and Customs consultation document on improving access to R&D tax credits for small businesses.

The BIA was closely involved in previous piloting of the service and has welcomed the announcement made by the government in last December’s Autumn Statement that it would introduce the scheme for small businesses making their first claim to R&D tax credits.

It said the HMRC consultation provides a valuable opportunity to input on the administration of the scheme and the BIA response makes clear the benefits for both SMEs and HMRC in extending the benefits of advance assurance beyond a company’s first claim: