The latest Finance Act includes two changes that will affect all R&Dclaims:
- a requirement to provide additional information before an R&D claimis made; and
- a requirement for certain companies to make a claim notificationwithin six months after the end of the accounting period for whichthey want to claim R&D relief.
When a limited company intends to make a claim for research anddevelopment (R&D) tax relief, from 8 August 2023 onwards it will need toprovide detailed information to HMRC in advance. We can assist you inpreparing the notification or prepare it on your behalf.
You will need to set out details of the R&D project(s) undertaken,including, in particular, the scientific or technical uncertainty that thework was seeking to overcome, along with details of the work done toresolve that uncertainty.
For accounting periods beginning on or after 1 April 2023, there is also anew R&D claim notification form which must be submitted within the‘claim notification period’, which ends six months after the end of theaccounting period for which the company wants to claim R&D relief.
Broadly, new claimants or those who haven’t claimed for three years willneed to complete this claim notification form for accounting periodsbeginning on or after 1 April 2023.
See here for further information.