The Future of R&D Tax: Navigating HMRC, AI Ethics, and Regulatory Change

Leonid’s Ben Worsley speaks with Richard Edwards, Founder of The R&D Community, who gives his expert insights on what lies ahead for R&D tax in the UK. Drawing from his unique journey from the Royal Navy to founding his own consultancy and co-founding a software company in the R&D space, Richard shares how his non-linear path has shaped his success today. The pair discuss a number of topics, including: The current state of HMRC; exploring potential process improvements based on anecdotal reports and what people in R&D tax can expect moving forward. How the recent shift in compliance may impact the way firms manage their teams; with the key takeaway being that success in R&D today depends on staying flexible and adapting to evolving technology and industry standards. The role of AI and how it could be integrated ethically into the industry, considering challenges such as data security, fairness and transparency with clients. Chapters: 00:00 Introduction to R&D Tax and Richard's Journey 02:33 HMRC Compliance Changes and Industry Impact 05:14 The Role of AI in R&D Tax 8:30 The Ethical Use of AI as a Tool 9:54 HMRC’s Controversial Use of AI 10:09 The Future of the R&D Community and Certification Programmes 13:25 What’s next: Richards Advanced Certification Programmes