HMRC issues reminder about new R&D tax relief rules
Despite new requirements for research and development (R&D) claims being in force for a month, almost half of claims made since then have omitted the necessary information. How can you avoid missing out?
R&D tax relief allows companies to claim corporation tax relief for expenditure relating to qualifying projects. Since 8 August 2023, an additional information form has been required to be completed by claimants (or their authorised agent). HMRC says that almost half of the claims it has received since that date have been submitted without the form. The form includes key information, such as the details of the qualifying expenditure and project details. Without it, the claim will not be processed, which could be particularly inconvenient if you are waiting for a payable credit. HMRC states that if the form is submitted, a claim will be reinstated as long as it is within the time limit for the claim (usually the anniversary of the filing deadline for the return).
Related Topics
-
Should you use simplified expenses?
The flat rate expense you can claim for business journeys if you’re self-employed has increased to 55p per mile. Can you use simplified expenses for motoring costs and is it more tax efficient to do so?
-
HMRC targets smaller tax debts
HMRC is stepping up collection of lower‑value tax debts, signalling a firmer approach to long‑overdue liabilities while encouraging earlier engagement. Direct recovery from bank and building society accounts has been re‑introduced on a trial basis, alongside a government consultation on HMRC powers and tax administration. What are the key points to be aware of?
-
New digital process for NI refunds
HMRC has introduced an online service to claim a refund of Class 1 NI contributions but not everyone can use it. What can you do if you've paid too much NI?