10Aug
The pre-notification requirement imposed by HMRC on 1st April 2023 will have an impact on all businesses claiming R&D Tax Relief under both the SME and RDEC schemes.
When to notify?
You must tell HMRC you intend to claim for accounting periods beginning on or after 1 April 2023 if;
- you’re claiming for the first time
- you’ve claimed for the previous tax year, but you did not submit that claim until after the last date of the claim notification period (the claim notification period ends 6 months after the end of the period of account)
- your last claim was made more than 3 years before the last date of the claim notification period
How to Pre notify
Companies will need to inform HMRC that they wish to claim by completing and submitting the claim notification form.
The claim notification form can be completed by:
- a representative of the company
- an agent acting on behalf of the company
If you do not pre notify HMRC when you’re required to, and you’ve already submitted your company’s Corporation Tax Return, HMRC will remove your claim for R&D tax relief from your Tax Return.
What information is needed?
The claim notification form will require the following details:
- the company’s Unique Taxpayer Reference (UTR), this must match the one shown in your Company Tax Return
- the main senior internal R&D contact in the company who is responsible for the R&D claim, for example a company director
- the contact details of any agent involved in the R&D claim
- the accounting period start and end date for which you’re claiming the tax relief or expenditure credit, this must match the one shown in your Company Tax Return
- the period of account start and end date
- a summary of the R&D planned activities to show that the project meets the standard definition of R&D
If you have any questions or queries on how the above changes impact you please do not hesitate to contact our team.
Comments