This website uses cookies to ensure you get the best experience. Please read our policies for more information.

10 Chartered Accountants

News

New R&D supplementary information form in effect
15 August 2023

As of 8 August 2023, all Research and Development (R&D) Tax Credit claims require the submission of an online Additional Information Form (AIF) providing supplementary project details.

The form must be completed prior to the submission of the company tax return. If the form is not submitted, the R&D claim will not be incorporated into the company tax return (CT600).

The form can be completed by a representative of the company or an agent, but it must include information about the senior internal R&D contact who is responsible for the claim, as well as any agent involved in the claim process.

HM Revenue & Customs (HMRC) has expressed concerns about the behaviour of some agents in relation to R&D.

The requirement for details about the agent and a senior responsible individual is designed to foster transparency in the claim process and ensure that R&D compliance is supervised at a high level within organisations.

The form applies both to ongoing projects and accounting periods that have already concluded.

Companies must capture all necessary information, and they may need to adjust their internal systems to collect this information efficiently.

The form also demands details about qualifying expenditure, encompassing qualifying indirect activities and specifics about the R&D projects undertaken.

Companies with a large number of projects can provide information about a selection of the projects, but this must include at least three projects that account for a minimum of 50 per cent of the qualifying R&D expenditure.

Details must also be provided of advancements in technology, the technological baseline, the technological uncertainties, and the strategies used to overcome them.

There are concerns among some advisers that current reports may not meet the new requirements, particularly if the projects are similar and relate to the same technological uncertainties.

Allocating costs between projects may also pose challenges, potentially leading to increased administrative costs for businesses that comply with the new rules.

Unsure of how these changes affect you and your claims, now and in the future? Speak to our experienced team today.

Other recent news

Planning your exit? Watch out for the BADR changes
20 March 2025

If you are thinking about selling your business, timing could…
Read more

Paying your employees will cost you more after 6 April
20 March 2025

From 6 April 2025, changes to employer National Insurance Contributions…
Read more

Why you need to meet with your accountant before April
20 March 2025

As the end of the tax year approaches, it is…
Read more

Upcoming Inheritance Tax changes that could affect you
20 March 2025

Upcoming changes to Inheritance Tax (IHT) will be phased in…
Read more

Time is running out to check for gaps in your State Pension!
20 March 2025

If you have had career breaks, worked abroad, or earned…
Read more

»

Case Studies