Research and development tax relief: A technical update
Research and development (R&D) tax relief remains an area of increased relevance to our members supporting companies carrying out innovation. The ability to secure the additional tax relief on offer can, in some cases, make the difference between a project being commercially viable or not so it’s really important to get the tax relief correct.
Over the last year, we have seen various changes to the R&D tax regime, including the changes announced in the spring Budget and the new requirement from 8 August 2023 for all companies making R&D relief claims to complete an additional information form to accompany the claim, regardless of whether the claim is under the SME R&D scheme or the research and development expenditure credit (RDEC) scheme.
R&D is also an area where there is increased HMRC compliance activity. This results in some cases in interest charges and penalties where a claim is inaccurate or not in compliance with the rules. Despite the new requirement for the additional information form, HMRC has reported that a significant number of claims did not comply with the new requirements. 45% of the claims between 8 August and 3 September didn’t have an accompanying additional information form, which means they are invalid.
Find out about the latest developments in research and development tax relief in our joint webinar with our partners Markel Tax. We share more about the new compliance requirements and recent and upcoming changes to the scope of the relief.
Key themes and topics
- Latest developments in research and development tax relief.
- New compliance obligations for companies claiming research and development tax relief.
- Recent and upcoming changes to the scope of research and development tax relief.
- Host: Chris Campbell CA CTA, Head of Tax (Tax Practice and Owner Managed Business Taxes)
- Adam Ellerington ATT BSc (Hons), Senior Tax Manager, Markel Tax
Who’s this for?
- CAs working in Tax
- CAs working in Business
- CAs working in Practice
- Students and non-members with an interest in the topic
Counts as continuing professional development (CPD) activity
Depending upon your individual role and training and development needs, watching this webinar on-demand can count towards your annual CPD requirements.
Please note that views and opinions expressed by speakers at ICAS webinars are their own and not necessarily reflective of ICAS’ views.