Following the tightening of the rules around research & development (R&D) relief HMRC have published a new online tool to assist companies in determining if they qualify for the relief.
The tool has been published in the wake of the significant increases in the information companies need to provide for an R&D claim. While there has been a sharp drop in the number of companies making R&D claims since the changes HMRC are committed to making sure that companies who can legitimately claim the relief are supported in doing so.
The new HMRC tool is designed to assist companies in determining if they have a genuine R&D claim to pursue. However, the guidance does state that a “competent professional” is needed to answer some questions. While some may assume this means an accountant or someone similar HMRC are referring an expert in the field that the activity is being carried out in.
The tool can be used to help support any possible R&D claims, with HMRC stating that as long as the tool has been completed with the facts of the project, they are unlikely to disagree with the R&D claim.
