DEMC (Dorset Engineering and Manufacturing Cluster)’s Post

30th SEPTEMBER R&D DEADLINE ALERT 🕘 What's going on? If your company claims Research & Development (R&D) tax relief, an important deadline is FAST approaching! In April 2023, HMRC introduced a new notification requirement for R&D tax credits, which means an R&D claim will only be valid if the relevant advance notification has been made, or if a company meets one of the notification exemptions. The notification rules apply for accounting periods beginning on or after 1 April 2023 and give companies typically just six months from their year-end to tell HMRC they intend to make an R&D claim. Who needs to act? The first major notification deadline is rapidly approaching. If you’re a company with a 31 March 2024 year end planning to claim R&D tax relief for the first time, or if you haven’t submitted a claim recently, then you must notify HMRC of your intent to claim by 30th September 2024. Who doesn’t need to act? If you’re company who has made an R&D claim within a specified period as part of the original filing of the company tax return, then you may be exempt from the requirement to notify HMRC of your intent to claim. Why is this important? R&D tax credits can reduce your corporation tax bill or provide a cash credit to help fund further innovation. Missing the deadline could mean missing out on critical funding for your company! If you aren’t sure whether you need to notify, please reach out for advice before you lose the opportunity to claim. Check out more about how we can support you with R&D claims below 👇 https://shorturl.at/EtA69 #R&D #researchanddevelopment #taxcredits

🚀 **Big Changes to R&D Tax Credits from April 2024!** 🚀 The 2023 Autumn Statement announced key updates to R&D Tax Credits. Here’s a quick rundown: 1. The Qualifying Bodies List is Being Discontinued Large organizations will now have more flexibility in choosing contracted R&D projects, as the list of qualifying bodies is being removed for the new merged scheme. 2. Relief Will Be Redirected to Those Carrying Out R&D Tax credits will go directly to the companies conducting the research and development, not the subcontracted companies. Subcontracted companies can still claim R&D costs for their own resulting R&D work not connected to the client's initial project. 3. Subsidised Expenditure Rules Have Become Redundant The existing rules regarding subsidized expenditure for the SME scheme are being removed, simplifying the framework due to changes in subcontracting practices. 4. There Will Be New Restrictions on Overseas R&D Expenditure Overseas costs for externally provided workers (EPWs), subcontractors, and contributions to independent R&D will generally no longer be eligible for R&D claims, except where replicating the R&D conditions in the UK is wholly unreasonable. 5. The Credit Will Be Paid Directly to the Claimant R&D relief payments will now go directly to the claimant companies instead of third parties like R&D Tax Credit service providers, ending the use of nominations. 6. The Credit Will Be ‘Above the Line’ The benefit will be treated as taxable income under the new merged scheme, positively impacting financial KPIs like EBITDA. This change aims to increase visibility of R&D's financial benefits to key decision-makers and encourage further investment in R&D. How Can Leyton Help? At Leyton, we specialize in navigating complex R&D tax credit changes. Our expert team can help you maximize your claims and ensure compliance with the new regulations. Don’t let these changes catch you off guard – let’s boost your R&D potential together! 📞 **REACH OUT TO ME NOW FOR FURTHER INTEL **

30th SEPTEMBER R&D DEADLINE ALERT 🕘 What's going on? If your company claims Research & Development (R&D) tax relief, an important deadline is FAST approaching! In April 2023, HMRC introduced a new notification requirement for R&D tax credits, which means an R&D claim will only be valid if the relevant advance notification has been made, or if a company meets one of the notification exemptions. The notification rules apply for accounting periods beginning on or after 1 April 2023 and give companies typically just six months from their year-end to tell HMRC they intend to make an R&D claim. Who needs to act? The first major notification deadline is rapidly approaching. If you’re a company with a 31 March 2024 year end planning to claim R&D tax relief for the first time, or if you haven’t submitted a claim recently, then you must notify HMRC of your intent to claim by 30th September 2024. Who doesn’t need to act? If you’re company who has made an R&D claim within a specified period as part of the original filing of the company tax return, then you may be exempt from the requirement to notify HMRC of your intent to claim. Why is this important? R&D tax credits can reduce your corporation tax bill or provide a cash credit to help fund further innovation. Missing the deadline could mean missing out on critical funding for your company! If you aren’t sure whether you need to notify, please reach out for advice before you lose the opportunity to claim. Check out more about how we can support you with R&D claims below 👇 https://shorturl.at/EtA69 #R&D #researchanddevelopment #taxcredits

30th SEPTEMBER R&D DEADLINE ALERT 🕘 What's going on? If your company claims Research & Development (R&D) tax relief, an important deadline is FAST approaching! In April 2023, HMRC introduced a new notification requirement for R&D tax credits, which means an R&D claim will only be valid if the relevant advance notification has been made, or if a company meets one of the notification exemptions. The notification rules apply for accounting periods beginning on or after 1 April 2023 and give companies typically just six months from their year-end to tell HMRC they intend to make an R&D claim. Who needs to act? The first major notification deadline is rapidly approaching. If you’re a company with a 31 March 2024 year end planning to claim R&D tax relief for the first time, or if you haven’t submitted a claim recently, then you must notify HMRC of your intent to claim by 30th September 2024. Who doesn’t need to act? If you’re company who has made an R&D claim within a specified period as part of the original filing of the company tax return, then you may be exempt from the requirement to notify HMRC of your intent to claim. Why is this important? R&D tax credits can reduce your corporation tax bill or provide a cash credit to help fund further innovation. Missing the deadline could mean missing out on critical funding for your company! If you aren’t sure whether you need to notify, please reach out for advice before you lose the opportunity to claim. Check out more about how we can support you with R&D claims below 👇 https://shorturl.at/EtA69 #R&D #researchanddevelopment #taxcredits

30th SEPTEMBER R&D DEADLINE ALERT 🕘 What's going on? If your company claims Research & Development (R&D) tax relief, an important deadline is FAST approaching! In April 2023, HMRC introduced a new notification requirement for R&D tax credits, which means an R&D claim will only be valid if the relevant advance notification has been made, or if a company meets one of the notification exemptions. The notification rules apply for accounting periods beginning on or after 1 April 2023 and give companies typically just six months from their year-end to tell HMRC they intend to make an R&D claim. Who needs to act? The first major notification deadline is rapidly approaching. If you’re a company with a 31 March 2024 year end planning to claim R&D tax relief for the first time, or if you haven’t submitted a claim recently, then you must notify HMRC of your intent to claim by 30th September 2024. Who doesn’t need to act? If you’re company who has made an R&D claim within a specified period as part of the original filing of the company tax return, then you may be exempt from the requirement to notify HMRC of your intent to claim. Why is this important? R&D tax credits can reduce your corporation tax bill or provide a cash credit to help fund further innovation. Missing the deadline could mean missing out on critical funding for your company! If you aren’t sure whether you need to notify, please reach out for advice before you lose the opportunity to claim. Check out more about how we can support you with R&D claims below 👇 https://shorturl.at/EtA69 #R&D #researchanddevelopment #taxcredits

🚀 R&D Tax Relief’s Forms – A brief overview 🚀   The R&D Tax Relief Scheme has undergone some changes, and it's important to stay up to date with the new administrative steps when making a claim.   One key change is the introduction of the Additional Information Form, required for all claims submitted on or after 8th August 2023. This form must be filed before your Corporation Tax Return, ensuring HMRC has all the project details in a format they can process efficiently. As of 11th September 2024, the form has been updated to include the Merged and ERIS schemes for accounting periods starting on or after 1st April 2024.   There have been other recent updates, including extra details for R&D Intensive claims. While the form’s first year of use has generally been helpful, there’s still some uncertainty. For example, it’s unclear why HMRC doesn’t ask for information on the Competent Professional involved in the claim, even though their expertise is essential.   Another important requirement is the Claim Notification Form (also known as the Pre-Notification Form). This is necessary for accounting periods starting on or after 1st April 2023, especially if you haven’t made an R&D claim in the last three years. It collects basic admin data along with a brief description of the R&D work. The form isn’t binding but allows you to notify HMRC of your intent to claim, and you have up to six months after the accounting period to submit it.   A quick note: Amended Corporation Tax returns might not count towards the three-year rule, so double-check before deciding if a notification is needed.   These changes are designed to improve the process, but understanding the details is crucial to ensuring your R&D tax claim goes smoothly. If you want to discuss a potential R&D claim, get in touch today. We'd be happy to explain the process and help wherever we can. You can contact us or book an appointment here: https://lnkd.in/eVhR97gN #RandD #RandDTaxRelief #TaxRelief

30th SEPTEMBER R&D DEADLINE ALERT 🕘 What's going on? If your company claims Research & Development (R&D) tax relief, an important deadline is FAST approaching! In April 2023, HMRC introduced a new notification requirement for R&D tax credits, which means an R&D claim will only be valid if the relevant advance notification has been made, or if a company meets one of the notification exemptions. The notification rules apply for accounting periods beginning on or after 1 April 2023 and give companies typically just six months from their year-end to tell HMRC they intend to make an R&D claim. Who needs to act? The first major notification deadline is rapidly approaching. If you’re a company with a 31 March 2024 year end planning to claim R&D tax relief for the first time, or if you haven’t submitted a claim recently, then you must notify HMRC of your intent to claim by 30th September 2024. Who doesn’t need to act? If you’re company who has made an R&D claim within a specified period as part of the original filing of the company tax return, then you may be exempt from the requirement to notify HMRC of your intent to claim. Why is this important? R&D tax credits can reduce your corporation tax bill or provide a cash credit to help fund further innovation. Missing the deadline could mean missing out on critical funding for your company! If you aren’t sure whether you need to notify, please reach out for advice before you lose the opportunity to claim. Check out more about how we can support you with R&D claims below 👇 https://shorturl.at/EtA69 #R&D #researchanddevelopment #taxcredits

R&D Tax Relief Changes Explainer Session - Wednesday 29th May, 9am until 12pm at the hive R&D tax relief legislation is complex & may lead to innovative businesses having more questions than answers. This workshop aims to clarify! Following several turbulent years of piecemeal change to Research & Development ("R&D") tax legislation in the UK, the introduction of a new and complex R&D incentive from 1st April 2024 may lead to innovative businesses having more questions than answers. The traditional R&D incentives (the SME and RDEC) are set to be merged into a universal scheme and qualifying cost categories are subject to change. This presents advantages, disadvantages and new complexities that need to be navigated carefully to ensure companies remain eligible to claim tax relief and can continue to invest in their future growth. R&D tax relief has been increasingly subject to additional compliance, enhanced HMRC scrutiny and changes in the bottom-line rate of relief. Now, under this new incentive, it is companies that are undertaking R&D on behalf of their customers that may be particularly at risk as the ownership of R&D looks to move up the supply chain and away from the companies undertaking the R&D work itself. The R&D tax landscape and the changes brought about will need to be better understood and evaluated to understand the impact it may have on innovative businesses in the UK. To shed light on these significant changes and their implications for business across various sectors, Albert Goodman Chartered Accountants team of experts will provide invaluable insights and practical guidance to help businesses adapt and evolve in the evolving landscape. Don’t let these changes hinder your innovation. Register for the free explainer session today and take control of your R&D tax relief under the new system. Book your place here https://bit.ly/3VVHZGI

30th SEPTEMBER R&D DEADLINE ALERT 🕘 What's going on? If your company claims Research & Development (R&D) tax relief, an important deadline is FAST approaching! In April 2023, HMRC introduced a new notification requirement for R&D tax credits, which means an R&D claim will only be valid if the relevant advance notification has been made, or if a company meets one of the notification exemptions. The notification rules apply for accounting periods beginning on or after 1 April 2023 and give companies typically just six months from their year-end to tell HMRC they intend to make an R&D claim. Who needs to act? The first major notification deadline is rapidly approaching. If you’re a company with a 31 March 2024 year end planning to claim R&D tax relief for the first time, or if you haven’t submitted a claim recently, then you must notify HMRC of your intent to claim by 30th September 2024. Who doesn’t need to act? If you’re company who has made an R&D claim within a specified period as part of the original filing of the company tax return, then you may be exempt from the requirement to notify HMRC of your intent to claim. Why is this important? R&D tax credits can reduce your corporation tax bill or provide a cash credit to help fund further innovation. Missing the deadline could mean missing out on critical funding for your company! If you aren’t sure whether you need to notify, please reach out for advice before you lose the opportunity to claim. Check out more about how Cooper Parry can support you with R&D claims below 👇 https://shorturl.at/EtA69 #R&D #researchanddevelopment #taxcredits

30th SEPTEMBER R&D DEADLINE ALERT 🕘 What's going on? If your company claims Research & Development (R&D) tax relief, an important deadline is FAST approaching! In April 2023, HMRC introduced a new notification requirement for R&D tax credits, which means an R&D claim will only be valid if the relevant advance notification has been made, or if a company meets one of the notification exemptions. The notification rules apply for accounting periods beginning on or after 1 April 2023 and give companies typically just six months from their year-end to tell HMRC they intend to make an R&D claim. Who needs to act? The first major notification deadline is rapidly approaching. If you’re a company with a 31 March 2024 year end planning to claim R&D tax relief for the first time, or if you haven’t submitted a claim recently, then you must notify HMRC of your intent to claim by 30th September 2024. Who doesn’t need to act? If you’re company who has made an R&D claim within a specified period as part of the original filing of the company tax return, then you may be exempt from the requirement to notify HMRC of your intent to claim. Why is this important? R&D tax credits can reduce your corporation tax bill or provide a cash credit to help fund further innovation. Missing the deadline could mean missing out on critical funding for your company! If you aren’t sure whether you need to notify, please reach out for advice before you lose the opportunity to claim. Check out more about how Cooper Parry can support you with R&D claims below 👇 https://shorturl.at/EtA69 #R&D #researchanddevelopment #taxcredits