The Chancellor’s decision to adjust the research and development tax credits scheme for small and medium-sized enterprises will harm enterprise, experts have said. The Treasury advised Jeremy Hunt to tilt the programme towards larger companies after concluding it was too easy for small firms to game the system. But business leaders have accused the Government of punishing small companies for HMRC’s failure to protect the scheme from fraudsters and ineligible claims. Changing the scheme will only reduce fraud and error from 7.3% to about 6%, according to official estimates.
Read more: The Times
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