HMRC cracking down on R&D claims
Companies that undertake research and development (R&D) should be aware that more information will be required when claiming the associated tax relief from 1 August 2023. What’s changing?
Due to increasing concerns over the abuse of the R&D scheme, HMRC has issued guidance on the new process for claims made from 1 August 2023. An additional form will need to be completed and, if this is not submitted to HMRC prior to the corporation tax return for the year, HMRC will amend the tax return to remove the R&D tax relief. Contact details for any agent involved in the claim along with a director/employee responsible for the claim will need to be provided. Further information about the R&D project itself will need to be detailed on the form, however, where a company has more than three R&D projects, this will only be necessary for 50% of the expenditure.
The guidance goes on to describe the depth of the information required; such as the advance in a specified scientific or technological knowledge the company aimed to achieve, the uncertainties the company faced and how the uncertainties were overcome.
You can find the guidance here.
Related Topics
-
New HMRC guidance on winter fuel payments
HMRC has released new guidance on the recovery of winter fuel payments. What do you need to know?
-
Festive tax breaks for remote workers
You’re familiar with the tax break for Christmas parties but you now have a few remote workers, and the company will need to reimburse their travel and accommodation costs if they attend an event. Which costs count towards the tax-free limit and how can you manage any overspend?
-
New process for some exports starting in Northern Ireland
Starting next month, businesses that import goods via Northern Ireland will need to change their processes. What do you need to know?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.