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Navigating the Upcoming New R&D Regulations 

Effective from 1st August 2023, the government is implementing revised administrative regulations for research and development (R&D) claims.  

These changes aim to combat fraudulent practices and protect the integrity of the R&D tax relief system. Here’s what you need to know about the new regulations… 

Key Changes in the Administrative Regulations 

To address fraud, HMRC has introduced stricter requirements for R&D tax relief claims. Businesses must now submit more detailed information digitally, including: 

  • Comprehensive cost breakdowns 
  • Project listings and 
  • Descriptions of their R&D initiatives.  

Each claim must be supported by a named senior officer of the company, and businesses that haven’t claimed in the past three years must notify HMRC within six months after their accounting periods end. 

Adapting to the Regulations 

Understanding and complying with the new regulations is crucial for businesses seeking R&D tax relief. It is essential to meticulously document project-specific information, costs, and the intended scientific or technological advancements.  

By adhering to these requirements, businesses can protect their claims and contribute to the integrity of the system. 

The Future of R&D in the UK 

Although the new regulations may present challenges, they also aim to create an environment that supports genuine innovators. By tightening requirements and emphasising project-specific information, the government seeks to strike a balance between combating fraud and encouraging investment in innovation. 

Staying Informed 

It’s important for businesses to stay informed and adapt to these changes. Get in touch with us for expert guidance, so you can ensure compliance and maximise the benefits of R&D tax relief.  

Sign up to our newsletter to keep updated on the evolving R&D landscape and leverage the support available to navigate these new regulations effectively. 

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