Ian Davie
Senior Consultant
One of the essential documents that is needed for an R&D claim is the Technical Report, which explains to HMRC the background and R&D related to the projects a company carries out. Traditionally this has been a word or pdf document attached to the accounts and has not been compulsory but has been recommended. In December 2022 HMRC demonstrated their compulsory ‘G-FORM’ which is the portal that all future R&D reports would all be submitted through from the 1st April 2024. At the budget delivered 15th March by Jeremy Hunt and associated documents that have been issued, announced the fact that this form will become mandatory for all submission of R&D tax credit claims on or after 1st August 2023.
This is a change of what has been previously announced, as prior to the budget this form was expected to become mandatory on or after 1 April 2024. This portal form would be supplementary information to the CT600, tax computation and CT600L, which would all still be required
Companies need to be aware that if they are intending in submitting an R&D claim with their accounts after 1st August, regardless of when your accounting period ends, then it would be worth considering doing this before the 1st August. There are a number of reasons for doing this:
If you have any questions about this change of process or the implications on your company then please get in contact.
CIOT (Chartered Institute of Taxation) as a professional accounting body have previously raised concerns with HMRC through open letters sent in July 2023, December 2023 and May 2024. The concerns addressed in the letters have focused on several key areas related to HMRC's approach that affect their charter.
A client approached our R&D tax team for assistance after their accountant had prepared an R&D claim that came under scrutiny during the compliance check process. Read our key take aways from successfully navigating an HMRC compliance check.
Assists organisations in accessing research and development grant funding across a range of UK and EU schemes and industry sectors.
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