You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
The latest Finance Act includes two changes that will affect all R&D claims.
The latest Finance Act includes two changes that will affect all R&D claims:
When a limited company intends to make a claim for research and development (R&D) tax relief, from 8 August 2023 onwards it will need to provide detailed information to HMRC in advance.
You will need to set out details of the R&D project(s) undertaken, including the scientific or technical uncertainty that the work was seeking to overcome, along with details of the work done to resolve that uncertainty.
For accounting periods beginning on or after 1 April 2023, there is also a new R&D claim notification form which must be submitted within the ‘claim notification period’, which ends six months after the end of the accounting period for which the company wants to claim R&D relief.
Broadly, new claimants or those who haven’t claimed for three years will need to complete this claim notification form for accounting periods beginning on or after 1 April 2023.
Talk to us; we can assist you in preparing the notification or prepare it on your behalf.
See: Submit detailed information before you claim Research and Development (R&D) tax relief - GOV.UK (www.gov.uk)
06 Feb 2024
Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.
Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.
Would you like to download our mobile app from the App Store?