Having robust recordkeeping is essential. Maintaining a clear record of projects can make the new information form easier to complete. Extra Week to Prepare For New R&D Information Form.
At Kene Partners, we have been preparing R&D claims since 2015. We understand the new additional information form well and can support our clients. Extra Week to Prepare For New R&D Information Form.
Project details
The new additional information form requires a breakdown of R&D projects, along with details of the scientific or technological advances and uncertainties, a baseline level of understanding, activities undertaken, and project costs. Businesses need to provide details of up to three distinct projects, which should account for half of all qualifying R&D expenditure.
It is important to understand the requirements of the additional information form, and to be able to present your project in the best possible way. This can help you avoid an enquiry and maximise the amount of R&D tax relief you claim.
There are many reasons why HMRC may open an enquiry into your R&D claims, including a change in the company’s circumstances. It is also common for HMRC to focus enquiries on a particular sector, such as software, or type of technology. They do this to ensure that they are approaching all claims in this area consistently. It can also be down to a specific business or sector that has a higher than normal rate of non-compliance.
Technical documentation
When it comes to the R&D process, it’s important to have documentation for everything. This includes meeting notes and logs of time spent on new iterations. Documentation helps to support your claim, and can help HMRC understand what you’re doing. If you’re not sure how to prepare, consider consulting with an R&D specialist. A specialist will have a process that’s more aligned with the new additional information form and can help you avoid any errors.
The new additional information form will require a detailed description of the project. This should include the scientific or technological uncertainties you’re working on and how you sought to overcome them.
Risk assessment
HMRC has a team of R&D tax specialists who review claims to ensure they are compliant.
These enquiries can be based on a number of factors needs read more hear.
