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If your client is coming to the end of their accounting period, then there will be a whole host of things you need to help them with.
One of the things you may want to help your client with is R&D tax reliefs, but you may be less confident about the timing of this.
As R&D tax consultants, we are here to support you so that your client files their R&D tax relief claim at the optimum time.
When can an R&D tax relief claim be filed?
As two years’ worth of work can be covered by a single R&D tax relief claim, there is not an immediate rush to make a claim after one accounting period.
However, many innovative businesses do benefit from making annual R&D tax relief claims, generally if their expenditure is high or they are small enough to benefit from the more regular relief.
Given that an R&D tax relief can be filed as part of the original tax return, this is the target that you should be aiming for.
This should not be the first moment that your client begins to think about getting everything sorted out.
HMRC prefer innovative businesses to demonstrate a commitment to R&D by maintaining clear records throughout the year and promptly submitting their R&D tax relief as part of their tax return.
It can be submitted as an amendment, though recent changes to the way claims are administered and filed indicate that HMRC prefers claims to be filed with the original return.
How can I help my client get ready for an R&D tax relief claim?
As an accountant, the best way you can help your client is by providing them with the financial data they need to get going.
The finalised CT600 will give a clear representation of the figures needed for the assigned qualifying expenditure for the R&D tax relief claim.
Sharing draft accounts with clients can help them make a start on their R&D tax relief claims and help them to understand the likely relief available.
Helping your client know how and when to submit data to you remains the best way you can help them.
If your client has not made an R&D tax relief claim before, or it has been three years since their last claim, then they will need to submit an Advanced Notification Form within six months of their financial year-end.
Failing to do this will cause HMRC to reject your client’s R&D tax relief claim, regardless of merit.
If you want to know the best way to get your client to stay on top of their R&D tax relief claims, then we are here to help.
We can support you in advising your clients with the efficient record keeping that makes prompt submissions possible.
Our guidance on the eligibility of R&D projects, as well as best practices for compiling R&D tax relief claims, reduces the risk of you and your client entering into a last-minute scramble to make a filing.
The right time to support your client is right now, so get in touch with our expert R&D tax consultants today.
Adam Bointon is a Technical Director specialising in R&D Tax Credits for SMEs in manufacturing and software sectors. With over 15 years’ experience, he works closely with businesses to identify qualifying R&D activities and prepare clear, compliant claims. He combines technical expertise with a strong understanding of economics and finance to support successful outcomes. Adam also contributes to industry webinars and CPD sessions, sharing insights on R&D tax relief and HMRC requirements.
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