Are you looking to claim research & development (R&D) tax relief? If so, you will need to be aware of the new requirements that have been in place since last month. Especially as most claims since the new requirements have omitted necessary information.
R&D tax relief allows businesses to claim corporation tax relief for costs relating to projects that qualify as R&D. However, since 8 August 2023 an additional form has been required to be completed and submitted by businesses looking to claim the relief. The form includes information on the projects, as such as details on the expenses and the project itself, and without this information the claim will not be processed. HMRC has announced that since the 8 August 2023 almost half of the claims submitted are missing this form, resulting in these claims not being processed.
But don’t worry, if you’ve submitted a claim without the form, you can still be submit the form and the claim will reinstated as long as you are still within the time limit for the claim.
If you’d like more information on the new requirements, or on R&D claims in general, please get in touch with us so that we can help make the process smoother.
