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Navigating the new R&D tax credit claim process in 2024: A comprehensive guide

In his Autumn Statement of 2021, then-chancellor Rishi Sunak announced significant R&D tax relief reforms, marking the beginning of a series of changes designed to modernise and streamline the scheme. With the final phase of these reforms coming into effect for accounting periods starting on or after April 1, 2024, you must stay informed and prepared.

The importance of R&D tax credits

R&D tax credits are a fantastic incentive for innovative businesses. They provide financial relief and let companies reinvest in further growth. However, recent reforms have added new complexities. Enquiries have surged from 1% in 2020 to 20% in 2023. The problem? Companies are still claiming like it’s 2020, but that won’t fly anymore. With heightened scrutiny, your claim needs much more detail. If you’re self-filing, Our extensive guide has you covered.

Step-by-step overview of the R&D tax credit claim process

Our guide walks you through each step of the process, ensuring you have the knowledge and tools needed to navigate the new landscape confidently.

Identifying qualifying projects and tracking costs

      • Understand what qualifies as an R&D project.

      • Learn best practices for tracking and documenting R&D activities and costs.

    Determining the appropriate R&D tax relief scheme

        • Get guidance on selecting the correct scheme based on your accounting period.

        • Understand the differences between the SME, ERIS, and RDEC schemes.

      Submitting a claim notification

          • Learn when and why you need to submit a claim notification.

          • Get a checklist of the information required for a valid submission.

        Completing the Additional Information Form (AIF)

            • Understand the significance of the AIF and the details you need to provide.

            • Tips for organising and presenting your information to meet HMRC’s requirements.

          Producing an R&D tax credit report

              • Discover the benefits of preparing a detailed R&D tax credit report.

              • Learn what to include in your report to support your AIF.

            Preparing the tax computation

                • Steps to accurately compute your R&D tax credits.

                • Ensure your calculations are precise and compliant with HMRC standards.

              Preparing and submitting CT600/CT600L forms

                  • Instructions for completing your tax return forms.

                  • Tips for ensuring accuracy and avoiding common mistakes.

                Challenges and pitfalls to avoid

                Even with the best intentions, mistakes can happen. Our guide highlights common errors and provides tips to ensure your claim is thorough and accurate, minimising the risk of HMRC enquiries.

                Download our comprehensive guide

                Ready to navigate the new R&D tax credit claim process with confidence? Download our step-by-step guide for detailed insights and practical tips to optimise your claim and ensure compliance.

                Download our guide to submitting an R&D tax credit claim in 2024

                Get detailed insights and practical tips to optimise your claim and ensure compliance.


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                If you think you could use an extra pair of hands for the additional details you’re now required to provide, we at EmpowerRD are happy to help. With our R&D tax specialists and user-friendly platform, your R&D tax credit claim will be in good hands. Get in touch and let’s see how we can help you succeed.

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