skip to navigationskip to main content

R&D Tax Relief – Additional Information Required

Newsletter issue – October 2023

Research and Development (R&D) is a Corporation Tax relief that is a Government support to some UK companies working on innovative projects in science and technology. There are currently two R&D schemes:

  1. For large companies, Research and Development Expenditure Credit (RDEC) and
  2. For small or medium enterprises (SMEs), SME R&D tax relief

There are strict terms and conditions of eligibility and the Government has introduced measures to tackle what it perceives as abuse of this support package and non-compliance. At the same time, though, they have updated what counts as qualifying expenditure, including 21st century realities such as costs for data licences and cloud computing. 

For NEW R&D relief claims for accounting periods starting on or after 01 April 2023, from 08 August 2023 the following changes are in place:

  • New claims must be made digitally accompanied by a compulsory additional information form
  • Notifications must be made in advance of any R&D claim being made on a Corporation Tax return, and
  • The notification and additional information form must contain details of any agent involved with making the R&D claim

Note that not all companies involved in innovation will be entitled to claim R&D tax relief. An accountant will be able to advise on an effective and achievable business plan for your company and help make a grant application - or advise if an application will be turned down.

Working with you

Whether you're starting from scratch or have been in business for years you'll benefit from working with Barnes Clark of Maldon advice on how to take you to the next level.

fixed-quote-man.jpg

About us

We work closely with our clients and act for a broad range of business....

business-advice-couple.jpg

Get in touch

Simple way to contact us. Just fill in a simple form.

free-consultation-couple.jpg

Our services

Find out details about what we can do
for you.