Important Update - Additional Information Requirements for R&D Tax Relief claims
As many of you will remember, we carried a blog in July by Sandy Findlay, Partnership Director, at Visiativ UK explaining the additional information requirements being introduced for R&D tax relief claims from August this year, and how these changes may impact on the processing of future claims.
An update this week from HMRC suggests that half of all the R&D claims received, as part of companies’ tax returns (CT600’s), between 8th August, when the new legislation came in to effect, and 3rd September had no related Additional Information Form completed. These companies are being told that their R&D claims are invalid.
As a consequence of not completing an AIF, the R&D figures submitted as part of these companies’ tax returns have been removed from the tax returns and the tax returns will be processed without the R&D tax relief element. Once the companies in question have submitted the Additional Information Form online, they can then resubmit an amended tax return, including the eligible R&D expenditure. A laborious and time-consuming process for all those companies which have fallen foul of the new legislation.
However, more importantly, a significant number of companies facing a hard deadline, to claim relief within two years of the accounting period end, will now have lost the ability to claim for the relief in question.
Visiativ UK is pleased to say that to date none of the claims they have submitted on behalf of clients, since the introduction of the Additional Information legislation in August, have been invalidated!
How can Visiativ help?
If you would like to know more about these changes or how they will impact on your R&D tax relief claim, our innovation funding partner Visiativ would be happy to answer your questions.
In the UK Visiativ has been managing R&D claims for 15 years. They can support you through these changes – with advice and guidance, or by managing part, or all, of the process and offer Make UK members a 10% discount on their commercial rates for consulting services.
For more information please contact:
- Sandy Findlay, Visiativ: 07807 739033, [email protected]
- Lois Persaud, Make UK: 07970 128 239, [email protected]
Learn more about our Advantages Programme available for Make UK Members.
Visiativ is a leading international tax incentive and innovation management advisor. They already help many Make UK members accelerate their innovation activity by identifying and securing appropriate funding in the form of grants, tax incentives or commercial funding.
With 30+ years heritage and 200 experts, Visiativ manage £1.6billion of innovation incentives annually across 19 countries, for some of the world's best-known brands.