Pre-Notification of Claim
Companies making their first R&D claim or those which
have not claimed within the previous three accounting periods must notify HMRC
of the intention to make a claim. This must be completed via an online form,
within six months of the end of the accounting period to which the claim
relates.
If the pre-notification is not made, or if the deadline is
missed, HMRC will deny the company the ability to make an R&D claim for
that period.
Companies that have claimed in one of the preceding three
periods will not need to pre-notify.
Mandatory Additional
Information
From 8 August 2023, all R&D claims will have to be made
digitally, and the claiming company will be required to submit an ‘additional
information form’ which will need to include information such as; a breakdown
of the costs claimed across the qualifying categories of expenditure, detailed
descriptions of the R&D activities undertaken and details of a named
senior officer of the company. All claims will also require details of any
agent (or tax adviser) who has assisted the company with the claim.
Rate changes
The 1 April 2023 has brought a host of changes to the rates
applicable to R&D tax relief, which coincided with the increase to
Corporation Tax. The table below summarises the relief available to Small
and Medium sized companies, under the SME Scheme, and to Large Companies under
the RDEC scheme.
