This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our privacy notice.

Simplifying R&D claims for small firms

By Iain Rankin, October 2020

Iain Rankin looks at changes in HMRC’s new simplified claims procedure for research and development, and how small firms may benefit. 

Prior to February 2019, making research and development (R&D) claims was something of a minefield for small firms. Some claims were submitted with no more than a single figure included in the tax computation, representing the total qualifying R&D expenditure, while others contained extremely detailed information about the individual projects undertaken and the costs to justify the claim. 

Simply, there existed no clear definition of what constitutes R&D in tax legislation, nor guidance on the precise nature of information that should be disclosed when making an R&D claim. 

Consequently, take up for R&D claims was surprisingly low. It is estimated that less than 5% of potentially qualifying firms were taking advantage of

This is one of our 1907 Premium articles

To see this article in full and unlock access to our complete library of 1907 articles click 'subscribe & unlock' below:
SUBSCRIBE & UNLOCK

Subscriptions include a 14 day free trial
+ money back satisfaction guarantee

Begin your tax saving journey today

Each month our tax experts reveal FREE tax strategies to help minimise your taxes.

To get Tax Insider tips and updates delivered to your inbox every month simply enter your name and email address below:

Thank you for signing up to hear from us!