- 23 November 2016
- r&d tax relief, autumn statement 2016,
MMP Tax is pleased by the announcements made today by the Chancellor of the Exchequer, Philip Hammond, which expressed the continuation of support for innovation and research and development.
The Chancellor stated that "We do not invest enough in research, development and innovation. As the pace of technology advances and the competition from the rest of the world increases, we must build on our strengths in science and tech innovation to ensure that the next generation of discoveries is made, developed and produced in Britain. So today I can confirm the additional investment in R&D, rising to an extra £2 billion per year by 2021.
The extra £2 billion a year of funding by the end of this Parliament is an increase of approximately 20% to total government R&D spending. This will be the greatest increase seen in any Parliament since 1979".
The government also has plans to review the tax environment for R&D in order to build on the introduction of the "above tax line" R&D tax credits to make the UK an even more competitive place to do R&D.
There were no mentions of any changes to the Patent Box scheme or the Creative Industry tax reliefs in this autumn statement.
Read the press release here
- 29 September 2016
- TIGA, awards, finalist, VGTR, Tax firm
MMP Tax the specialist technology tax advisor, has been short-listed by TIGA, the trade body for the Video Games development community, for their award for best tax advice firm.
The short listing recognises the contribution that MMP has made in assisting members of TIGA to claim Video Games Tax Relief (VGTR) and R&D Tax Relief (R&DTR).
MMP, the specialist technology tax consultant, works with development studios, to ensure that their members gain maximum value from the schemes. MMP's experience in assisting with the submission of eligible games to the British Film Institute's cultural test, coupled with their long standing experience of working with HMRC on technology tax reliefs, enables quick and straightforward approval of clients' VGTR claims.
Claims for tax relief or cash credits from eligible game development, require a minimum of detailed cost calculations per game, a cultural test certification from the BFI and tax computations delivered to and approved by HMRC to qualify for the reliefs. Some studios require significant other proofs in order to qualify. MMP has been working with studios since the scheme was introduced and holds a 100% approval record with both the BFI and HMRC.
MMP continues to work closely with TIGA, promoting the Video Games Tax Relief regime to its members.
Read the full press release here.
- 28 June 2016
- EU Referendum, Brexit, VGTR, Technology tax incentives
Our message for our tech business clients following the EU Referendum
The world woke up last week to find that the UK had voted to leave the EU. This was a result that many people were not expecting. Against this backdrop, there is uncertainty and political unrest across the UK and much commentary across the EU and the globe. All of which is not necessarily good for business.
Tax incentives are very much a part of the developed world's tax landscape. These are not EU directives and as such are not impacted by the UK's status in the EU. Indeed, Australia, the US and Canada introduced tax incentives for research and development long before the UK.
The process for exiting the EU will take a number of years and nothing is likely to change overnight and we do not believe that the decision to leave the EU will bring an immediate change to the tax incentive policy or the government tax roadmap.
Download the full article here
- 16 March 2016
- r&d tax relief, budget 2016,
Was today's Budget an entrepreneur's dream?
MMP Tax sounds a note of caution following the Chancellor's Summer Budget, as disappointed SMEs, that form the cornerstone of innovation in the UK, see their incentives eroded by the announced changes.
Entrepreneurs will have found plenty to be happy about in today's Budget. The reduction of the Corporation Tax rate to 17% is one silver lining, and decreasing business property rates throughout England is another.
It is, however, important that small companies understand some of the less obvious consequences of these changes.
read our full analysis here
- 08 February 2016
- r&d tax reliefs, VGTR, Tax Relief, guide
Free Tax Guide to download from the TIGA or MMP websites
Working in collaboration with TIGA, (The Independent Game Developers' Association) representing the games industry; MMP, winner of best tax firm, is pleased to announce the publication of their free "Guide to R&D Tax Relief for Video Games Developers'.
MMP Tax continues to work with TIGA, helping members to claim tax incentives through the R&D and Video Games Tax Relief (VGTR) schemes. If you require any further information visit our Video Games Tax Relief website, or wish to discuss any aspects of claiming with one of our tax specialists, we would be pleased to hear from you.
Read the press release here
Download the guide here