By Mel Hackney

There have been some significant changes around the administrative side of Research and Development (R&D) for companies.

R&D is a tax relief which allows companies (not sole traders) to claim extra tax deductions from their taxable profits (or increase a loss), and, depending on the scheme used, if loss making turn a loss into payable tax credit.

From 8 August 2023, it is necessary to complete and submit an additional information form (AIF) in advance of submitting the actual claim and corresponding Corporation Tax return. If this is not done, the claim will get rejected. 

Another important new change is that, for accounting periods beginning on or after 1 April 2023, you must submit a claim notification form to HMRC if you are claiming R&D for the first time, or your last claim was made more than 3 years before the last date of the claim notification period. This must be done within 6 months after the end of the accounting period.

We have much experience in preparing and submitting successful R&D claims. We can also explore the option of applying for advance assurance if you prefer.  If you are not sure whether your company will qualify, please just get in touch and we would be happy to have a chat. We have a 100% success rate of claims being approved, and so we only work with clients in this area where we believe a claim is appropriate.