HMRC is concerned about the increased number of irregular R&D tax credit claims submitted by companies, so it will be enhancing its extensive compliance checks.
As a result, HMRC has increased the time it aims to process most RDTC claims to 40 days. A 28-day processing time will be restored as soon as possible. To improve the success of claims being processed more quickly, HMRC encourages companies to submit an R&D report alongside the claim and to ensure that the tax return including the claim is completed and submitted correctly.
For more information about the UK’s R&D tax credit schemes please contact Stuart Weekes or your usual Crowe contact.