Jon Claypole and Jack Sloggett (BDO) welcome HMRC’s new R&D Disclosure Service but explain it is not suitable in all circumstances.
HMRC released a New Year’s Eve ‘treat’ for businesses when they launched the R&D Disclosure Service on 31 December 2024.
The purpose of the disclosure facility is to allow taxpayers to disclose inaccuracies in their R&D claims and pay back over-claimed tax credits – in particular in respect of R&D claims that are out of time to amend via the company tax returns. However it is designed for taxpayers who have made errors on their R&D claim despite taking reasonable care or those acting carelessly. Companies seeking to put right past ‘deliberate’ behaviour on R&D claims or those pointing out mistakes in returns that did not lead to an over-claim of R&D relief must use other routes to make disclosures.
Recent HMRC activity on R&D
It...
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Jon Claypole and Jack Sloggett (BDO) welcome HMRC’s new R&D Disclosure Service but explain it is not suitable in all circumstances.
HMRC released a New Year’s Eve ‘treat’ for businesses when they launched the R&D Disclosure Service on 31 December 2024.
The purpose of the disclosure facility is to allow taxpayers to disclose inaccuracies in their R&D claims and pay back over-claimed tax credits – in particular in respect of R&D claims that are out of time to amend via the company tax returns. However it is designed for taxpayers who have made errors on their R&D claim despite taking reasonable care or those acting carelessly. Companies seeking to put right past ‘deliberate’ behaviour on R&D claims or those pointing out mistakes in returns that did not lead to an over-claim of R&D relief must use other routes to make disclosures.
Recent HMRC activity on R&D
It...
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