if you’ve been investing in innovation and are planning on making a claim for R&D tax relief, there are some significant changes coming into effect from 1st August. Make sure you’re up to speed with the requirements for the new additional information form.
It will:
- Need to be submitted electronically (where exemptions don’t apply)
- Need to be signed by a Senior Officer from the claimant company, including the name of the agent who advised on the claim
- Need to include a breakdown of costs in the claim (this form is to go in, alongside an R&D technical report, which will still be used to showcase the methodologies and cost sampling techniques)
- If not filed alongside the claim, HMRC will have the power to remove the claim from the Companies tax return
- This is in addition to notifying HMRC that you plan to make a claim for accounting periods post 1st April 2023 (if you are claiming for the first time or your last claim was 3 years before the last date of the claim notification period).
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The information in this article was correct at the date it was first published.
However it is of a generic nature and cannot constitute advice. Specific advice should be sought before any action taken.
If you would like to discuss how this applies to you, we would be delighted to talk to you. Please make contact with the author on the details shown below.
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This change has been delayed by a week so will now come into effect on 8th August 2023