Breakdown of the latest changes to submitting a claim for R&D tax relief
August 16, 2023
The latest Finance Act includes two changes that will affect all R&D claims:
- A requirement to provide additional information before an R&D claim is made
- A requirement for certain companies to make a claim notification within six months after the end of the accounting period for which they want to claim R&D relief.
When a limited company intends to submit a claim for research and development (R&D) costs 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.
If you are looking for advice on claiming a stamp tax refund, or simply how to best manage your property accounts then our experts are here to help.
We offer a complimentary, initial online consultation to discuss your personal circumstances and to see how we can help. Get in touch to book your appointment today.