Date posted: 25th Mar 2024
As we have mentioned in previous updates, those companies that wish to make an R&D claim for accounting periods starting on or after 1 April 2023, may need to make a notification to HMRC within six months of the end of the accounting period.
For a company with a year end of 31 March 2024, they may only have until September 2024 to make a claim or risk losing the opportunity to claim R&D tax relief. This is before the filing date for the submission of the corporate tax return, so companies need to make sure that they do not miss this deadline, if they are going to claim R&D tax relief.
Companies that have shortened their accounting date, may need to consider quite quickly, whether they are still in the window to make a notification to HMRC.
For those companies that have made a R&D claim in the prior three years before the notification period has expired, they may not need to make a notification but need to consider whether the last claim was more than 3 years before the last date of the claim notification window.
Consideration should therefore be given to making a protective notification to HMRC.
As ever, the situation is complex and professional advice is required. Please give us a call with any queries.
