Peter Aldous highlights concerns raised by the Suffolk Chamber of Commerce that anti-fraud measures implemented by HMRC have created an overly bureaucratic and time-consuming process for SMEs seeking to claim research and development tax credits which is causing delays and deterring businesses from investing in R&D.
Peter Aldous (Waveney) (Con)
Research and development tax credits have been remarkably successful in promoting investment by small and medium-sized enterprises. However, the Suffolk chamber of commerce has highlighted that the system has ground to a halt due to the sledgehammer approach of His Majesty’s Revenue and Customs to tackling fraud. Will my hon. Friend liaise with HMRC and the Treasury to ensure that a more pragmatic approach is adopted?
The Minister of State, Department for Science, Innovation and Technology (Andrew Griffith)
My hon. Friend is a champion of his constituency, and I am happy to speak to the Financial Secretary to the Treasury on that important matter on his behalf.