The Timeline for R&D Claims with HMRC In 2024
Understanding the timeline for Research and Development (R&D) tax relief claims is crucial for businesses. This guide provides an overview of the timeline for R&D claims with HM Revenue & Customs (HMRC) in 2024.
R&D Tax Relief: An Overview
R&D tax relief supports UK companies working on innovative projects in science and technology1. It allows companies to deduct an extra 86% of their qualifying costs, in addition to the normal 100% deduction from their yearly profit.
Timeline for R&D Claims
HMRC aims to process 95% of R&D tax credit claims within 28 days. However, this was moved to 40 days in June 2022 due to a surge in HMRC identifying fraudulent claims. While HMRC has not given a specific date, they are working to get back to the 28-day mark.
Changes to R&D Tax Relief in 2024
For accounting periods beginning on or after 1 April 2023, companies may need to notify HMRC if they plan to claim R&D tax relief or expenditure credit. From 8 August 2023, companies must complete and submit an additional information form to HMRC to support all their claims for R&D tax relief or expenditure credit.
Submitting Your Claim
You can claim the amount you’ve spent on the R&D project on the Company Tax Return form (CT600). A R&D relief claim can be made for up to two years after the end of the accounting period it relates to.
In conclusion, the timeline for R&D tax relief claims involves understanding the processing times, the changes in tax relief policies, and the process of submitting your claim. It’s crucial for companies to understand these factors to accurately claim their R&D tax relief.
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Please note that this information is current as of January 2024 and may be subject to change. Always consult with a tax professional for the most accurate information.