Douglas Reid

Since its introduction in 2000, R&D tax relief has been a positive force for economic growth and employment by stimulating UK companies to invest in innovation. In September, HMRC reported an estimated £6.6 billion was claimed through the scheme by UK companies during the 2020-21 tax year.

From 31 August, those wishing to apply for R&D tax relief will face new requirements, irrespective of the tax year, when making a claim. This will include a higher level of detail required in reporting R&D projects and their accompanying qualifying expenditure.

The Visiativ event, being held online on 15th June at 12:30pm, will be led by the firm’s tax director Douglas Reid. He will set out a detailed overview of these forthcoming changes, outlining their impact on accountants and clients, with advice on how to manage claims within the new regime.

Mr Reid said: “Our seminar is focused on the changes to the level of reporting required when applying for UK R&D tax credits. This will present a challenge to many companies and to accountants which lack expertise or technical knowledge in this field.

“With HMRC now requiring much greater levels of detail about projects and their qualifying expenditure, there is a threat that many applicants could lose out on R&D tax relief by making incomplete or incorrect submissions.

“We would encourage innovation-focused companies and accountants which support clients in this field to join our free-to-attend event on 15 June.”

The Visiativ webinar is free to attend. Further details and registration for the event can be found here.