Have you submitted your December R&D claim?

29 November 2019

Research and Development (“R&D”) tax relief is a government initiative to support businesses investing in innovative activities. There are two R&D tax relief schemes that companies can claim under – the SME scheme and the large company or RDEC scheme. Both are beneficial to companies in either reducing a tax liability or creating a payable tax credit.

The claim for R&D tax relief is included within the company’s Corporation Tax return that gets submitted to HMRC.

The deadline for claiming R&D tax relief is two years from the end of the accounting period in which the R&D was undertaken. For example, if your company carried out R&D activities in the period ended 31 December 2017, the claim is required to be submitted by 31 December 2019. Although a Corporation Tax return’s filing deadline is one year after the accounting period end, a return can be amended to include an R&D tax relief claim.

By preparing and submitting an R&D claim as early as possible, this will help to maximise the claim and ensure the company receives the benefit of the claim as early as possible.

If you have a qualifying R&D project in the years ended 31 December 2017 and 31 December 2018, we can help your R&D claims in advance of the year end.

How can AAB help?

  • Establish whether your company qualifies for R&D tax relief;
  • Provide advice on the requirements for supporting documentation and records;
  • Work with you to prepare and submit claims to HM Revenue & Customs. 

By Andrew Blair, Corporate Tax Senior Manager at Anderson Anderson & Brown LLP

To find out more about Andrew and the Corporate Tax team, click here. 

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