Date posted: 18th Sep 2024
Whilst HMRC continue to tighten up on R&D, companies should not be deterred from making a valid claim for R&D relief.
However, one of the key changes introduced, was that companies need to notify HMRC within six months of the end of an accounting period, if they are going to make a claim for R&D tax relief and have not made a claim for the last three years.
A company with a 31 March 2024 year end (a very common year-end) may therefore need to notify HMRC by 30 September 2024, that they plan to make an R&D claim for the year to 31 March 2024. If they do not make a claim, they could miss out on being able to make a claim entirely.
A similar notification would apply for companies with a year end of 30 April 2024, in that they would need to notify HMRC by 31 October 2024 and so forth.
It is really important that the notification is made to HMRC as not doing so, may make a claim invalid.
We would therefore urge all companies to consider their year end and whether they will be making an R&D claim for that year end. If so, they need to make the notification to HMRC, sooner rather than later.
As ever, please contact us, if you need advice.
