Lots of business owners will have been applying for CBILS or bounce back loans over the past few weeks, to access cash that will get them through the next few months.
However, there's a potential trap lurking if you are also a business that claims R&D tax credits.
The Government have confirmed that CBILS/ BBL loans count as state aid. R&D tax credits also count as state aid and that's a problem!
The state aid clash!
Businesses are only allowed to claim one form of state aid to support a R&D project.....either R&D tax credits or a CBILS loan. So what happens when you have both?
I've recorded the video below that explains the trap fully, together with some advice on how to minimise and even eliminate the problem.
If you've any questions on how this might affect you and your business, please drop me a line