The Chancellor announced the introduction of voluntary advanced assurances for smaller businesses making first-time claims from Autumn 2015. From 2016, the government committed to reducing the time taken to process R&D claims.
It was also announced that new standalone guidance aimed specifically at smaller companies will be published and this will be backed by a two-year publicity strategy to raise awareness of R&D tax credits. During the summer, HMRC will publish a document setting out a roadmap for further improvements to the scheme over the next few years.
Starting 1 April 2015, the SME additional deduction increased from 125% to 130% and the Large Company expenditure credit increased from 10% to 11%.