in August 2023, the process for submitting R&D tax relief claims changed in the UK.
HMRC have since come back with initial feedback and stated that over 50% of claims submitted within August were non-compliant!
This isnt to do with the legitimacy of the claims being made, but due to the fact that companies, accountants and even those claiming to be R&D specialists, have not understood the new processes required when submitting an R&D claim.
Unfortunately, for many of these companies, the submission errors means that their claim would null & void and means they will have to forgoe their claim due to not submitting the claim correctly. Given that the averahe claim value is circa £50k, this is a HUGE amount of money for some companies to be missing out on - quite often we find that companies budget for R&D credits, which is they fall within these unfortunate claimants, will create a big hole in their accounts and potential cash flow!
If you're looking at claiming yourselves, or if you're an accountancy firm looking for the right guidance for your clients, we at Perfect Support Services (PSS) can help. We have a team of chartered accountants and technical experts, who have years of experience within the field of R&D as well as additional accountancy services. Don't let poor advice let you down.
Feel free to reach out to us even if it's just for initial guidance or an assessment. We want to ensure compliance is as close to 100% across the industry and we work within the R&D community to help ensure best practice is followed and understood.
Perfect Support Services Ltd (PSS) are a Tax advisory firm, specialising in R&D tax relief and Capital Allowances.
