22nd April 2024
Understanding the New Pre-Notification Rule for R&D Tax Credits
The new pre-notification requirement for R&D tax credits is a pivotal update that necessitates early action from companies planning to claim R&D tax credits.
Pre-notification involves informing HMRC about your intention to claim R&D tax credits within six months of the end of the accounting period in which the R&D took place.
The change will affect companies submitting claims for accounting periods starting on or after 1 April 2023, meaning organisations, with a financial year ending on 31 March, now have less than a six-month window to notify HMRC of their intention to claim for the period ending 31 March 2024.
It’s crucial for businesses to understand this requirement to ensure they fully capitalise on available R&D tax incentives.
For a deeper look into what pre-notification entails, its implications for your business, and how to navigate this change effectively, click here.
Should you need advice tailored to your specific business situation, please don’t hesitate to contact Lisa James at lisa.james@limestonegrey.com.