New R&D Tax Relief regulations could leave thousands of businesses at risk of missing out
Thousands of UK businesses could lose out on critical Research and Development (R&D) tax relief due to new pre-registration requirements by HMRC. Companies must now register their intention to claim within six months of their financial year-end, or risk missing out on valuable tax relief, sometimes exceeding 20% of R&D spend.
Two new R&D forms
HMRC has introduced two new measures to tackle the rise in fraudulent research and development (R&D) claims.
R&D tax relief curtailed for some
R&D tax relief – New rates will come into effect for qualifying R&D expenditure incurred from 1 April 2023 onwards.
Firms told to avoid delay in tackling ‘backward step for innovation’
Innovative and hi-tech businesses are being urged to seek advice after tax relief for research and development (R&D) was slashed in the Autumn Budget.