Priti calls on Treasury to help businesses claim R&D Tax Credits
Witham MP Priti Patel has called on the Treasury to address the complexities that businesses face when claiming research and development (R&D) tax credits during questions to Treasury Ministers in the House of Commons.
Businesses who invest in innovation and new technologies can receive support through the tax system but businesses in Essex and across the country have concerns over the complexities in claiming these tax credits and the processes they face through HMRC. Priti, who has secured a commitment from the Treasury to meet with business representatives to discuss this matter, said:
“Businesses throughout the country invest in research and development and here in Essex we have firms that are dynamic, creative and innovative. They take risks to develop new products and services and while the tax system has incentives to support them, all too often they struggle to deal with the paperwork and bureaucracy in making these claims. The Treasury must review these processes as cutting red tape will help more businesses claim R&D tax credits and our country secure more investment and innovation.”
Hansard entry for Priti’s question in the House of Commons, 5th September 2023: