R&D Tax Relief – Additional Information Required
Newsletter issue – October 2023
Research and Development (R&D) is a Corporation Tax relief that is a Government support to some UK companies working on innovative projects in science and technology. There are currently two R&D schemes:
- For large companies, Research and Development Expenditure Credit (RDEC) and
- For small or medium enterprises (SMEs), SME R&D tax relief
There are strict terms and conditions of eligibility and the Government has introduced measures to tackle what it perceives as abuse of this support package and non-compliance. At the same time, though, they have updated what counts as qualifying expenditure, including 21st century realities such as costs for data licences and cloud computing.
For NEW R&D relief claims for accounting periods starting on or after 01 April 2023, from 08 August 2023 the following changes are in place:
- New claims must be made digitally accompanied by a compulsory additional information form
- Notifications must be made in advance of any R&D claim being made on a Corporation Tax return, and
- The notification and additional information form must contain details of any agent involved with making the R&D claim
Note that not all companies involved in innovation will be entitled to claim R&D tax relief. An accountant will be able to advise on an effective and achievable business plan for your company and help make a grant application - or advise if an application will be turned down.
Charities & Not For Profit
We have been providing charity clients with high quality, specialist advice and service for many years, and our charity clients range from small village halls to large national organisations...
Farming Industry
The largest industry sector that we deal with is farming, as you would expect in a rural practice. This means that we have developed considerable expertise in this field...
Business News
