HMRC Fund Release Delays
A recent update from HMRC confirmed that some Research & Development Tax Credit payments are being delayed as a result of investigations into irregular claims.
There will be enhanced, extensive compliance checks and standard processing times will increase as a result of this.
HMRC will be aiming to pay claims within 40 days with the ambition of returning to the standard 28-day processing time as soon as possible.
This can be a huge inconvenience to those needing access to their Tax Credit payments. As part of TBAT’s R&D tax claim service, we can ensure you don’t have to wait as long as the maximum 40-day processing time from HMRC.
As part of our process, we can introduce clients to a third party for access to bridging finance to ensure you don’t go without payment.
Advanced funding on your R&D tax claim can alleviate the pressure and stress from business cashflows and growth opportunities.
Book an appointment to find out more about how we can help you stay on track.
If you need any assistance understanding how this may affect your R&D Tax Credit claims, our team is here to help! Simply get in touch by completing the form below.
To begin a claim, you can also use our online R&D Tax Credit calculator to work out how much you could receive from HMRC.
Within R&D tax credit frameworks, there exist varying degrees of guidance, each with distinct purposes. These are ‘Meaning of Research & Development for Tax Purposes: guidelines’, 'CIRD Manual (Corporate Intangibles Research and Development)' and ‘Guidelines for Compliance’
There were some important announcements made regarding the future of the R&D tax credits schemes both in structure, operation and who can benefit as well as wider investment in R&D in specific sectors.
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