Watch our panel discuss a tax policy overview, including the economic climate and practical steps you can take to build and strengthen business resilience.
Research and Development
- prepare for the upcoming regime changes – being well informed will be key to successful adaptation in a changing R&D tax world. Make sure you model the impact of the recent rate and broader proposed regime changes, including considering what the impact could be on your wider supply chains – are there gaps to plug?
- consider what overseas activities you undertake and identify spend in the areas of data and cloud computing and pure mathematics, so they are easy to identify for future claims. Start considering the impact of these proposed changes in your future development plans
- explore available incentives outside R&D tax credits such as Patent Box and Innovate UK grants which although competitive, can fund up to 50% of projects costs
Read more on how you can prepare for R&D tax regime changes.
Preparing for Pillar 2
- start early and focus on an impact assessment to identify risk areas and data gap analysis
- make Pillar 2 an integral part of scenario planning and strategic evaluation - if you are planning to expand overseas, you need to take into account how your Effective Tax Rate (ETR) might change. According to our International Business Report, businesses expect an increase in their ETR of over 4% due to Pillar 2
- monitor implementation timelines of Pillar 2 in different territories, and review the impact of draft legislation when published in each jurisdiction you operate in. Acting early and having data in the right format will ensure you are ready and ease the Pillar 2 compliance burden that is coming
Find out the five actions you can take to gear up for Pillar 2.
- consider your hybrid and cross-border working policies. More and more businesses see this as a route to attract and retain talent
- with any hybrid and cross border policies make sure you consider the tax and wider implications and put in place safeguards to manage and mitigate the risks
- engage your employers with flexible benefits such as financial education, well-being and benefits in kind
Privately held businesses
- utilise the current period of tax certainty - if exit or succession is planned, start to plan sooner rather than later and engage advisers well in advance to maximise value on an exit
- explore Employee Ownership Trusts – this could incentivise employees
What does the Autumn Statement mean for the public sector?
Watch our public sector panel discuss how the Autumn Statement will impact the sector.