Innovation from HMRC: R&D Tax Credit Online Service
On 11 February 2019, HMRC launched a simplified, digital approach for SMEs to submit Research and Development (R&D) Tax Credit claims.
The new online template clearly details the information needed to support the claim which is then sent to HMRC in a standardised format, thereby making it easier for some companies to claim and HMRC to review.
For straightforward claims the online template is a step forward, however, it is not a substitute for preparing a robust R&D tax credit claim. R&D claims can be complex, but we continue to ensure that our clients receive the maximum benefit from the R&D projects they have undertaken in the claim periods.
A full amended CT600 form and computation should still be completed prior to submitting this new form. For our clients, this is managed as part of our engagement.
It is expected that a similar service will be made available for businesses making use of RDEC in May 2019.
With over 300 claims submitted and over £16m in tax savings secured for our clients, now is the time to speak to the team to establish whether your company has been missing out on this frequently overlooked tax relief.