R&D Tax Credit changes - what's new?

There’s been a lot in the news recently about R&D, but despite the tougher stance HMRC is now taking, we’ve continued to successfully submit claims for our clients. In fact, we've actually managed to increase the amount we've claimed year on year.

Back in March this year, HMRC declared they would be taking a tougher stance on the claims being submitted. Companies would now be required to give much greater clarity and detail when submitting claims for R&D. Fortunately, most of the "extra" detail HMRC requested has been something we include as part of our standard process and service so we're confident our clients won't see any too much change.

One particular area that they are now focused on is the ‘competent professional,’. This means that future claims will have to include more detail about our clients' careers, qualifications and business dealings, to show HMRC that you are the competent professional we already know you to be! There has also been a small reduction in the claimable amount from March 2023, and a notification period for new and delayed claims.

For our clients, this underlines the importance of early engagement with new claims. We advise documenting your projects and expenses as they occur. If you need assistance with effective tracking and monitoring, we're here to provide that guidance. Please feel free to contact us for more information.

Small businesses can Transform the world!

Want to maximise your R&D Tax Credit claims? At RfM, we specialise in guiding our clients through the complexities of R&D tax relief. Our team is dedicated to helping you unlock the full potential of your innovative projects, ensuring you benefit from every available incentive. Get in touch to discover how we support your business's growth and innovation.

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