UK R&D Tax Relief Changes
New R&D tax relief measures have been announced which will affect companies in accounting periods beginning on or after 1 April 2023. These will apply to companies making claims under both the small and large R&D regimes. This will introduce a requirement to pre-notify HMRC of claims and to provide HMRC with additional information to support claims, an extension of costs qualifying for R&D and a restriction on non-UK costs being claimed.
With HMRC increasing their team of R&D inspectors recently by 100, performing more compliance checks and delaying payments of the R&D tax credits, it is important now, more than ever to consider and discuss with your adviser R&D claims as early as possible to ensure that claims are sufficiently documented and in line with the latest legislation and HMRC guidance.
