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How Long does It Take To Get R&D Claim From HMRC?

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.

R&D Tax Credit Specialists – Claim HMRC Tax Breaks, Rebates & Refunds

UK R&D Tax Credit Specialists

Claiming R&D tax credits isn’t just a paperwork drill – it’s a pathway to reducing taxable income and enhancing your cash flow. Our specialists guide you through the complete process of claiming R&D tax credits on your business expenses.

We ensure your claim complies with all HMRC guidelines to maximise your returns and provide the financial boost your company deserves.

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Claim your R&D tax breaks, rebates, and refunds with a dedicated team that understands the intricacies and delivers results. Your journey to unlocking the full potential of your R&D expenses starts here.

R&D Tax Claims – HMRC Tax Refunds & Rebates
R&D Tax Credits –  Additional Information & News

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.