On 16 January 2015, HMRC published a consultation document on the research and development (R&D) tax credit for small and medium-sized enterprises (SMEs). Following on from a commitment made in Autumn Statement 2014, the stated aim of the consultation is to identify further improvements to make R&D tax credits better and more accessible for SMEs.

The consultation, which closed on 27 February 2015, sought responses to questions such as:

  • how can take up of R&D tax credits be increased?
  • would a change in the current definition of R&D (to align it to accounting practice) improve the regime?
  • whether an optional, free “advance assurance” facility would be welcomed, whereby SMEs making their first R&D claim could approach HMRC to discuss their proposed claim.

The consultation document can be viewed here: