Major changes to tax relief schemes are rare, particularly given the current atmosphere of austerity, which is why the new Research & Development Expenditure Credit (R&DEC) scheme, introduced by the government in April this year, is such a significant industry milestone.

R&DEC is undoubtedly a game-changing initiative that will help to reduce costs, maximise profitability and as a result, stimulate economic growth.

To put the measure in context, R&D tax relief is an incentive for companies to invest in research and development. Some 10,000 claims for relief are made to HMRC each year, generating more than £1bn in tax relief.