Thousands of UK businesses could lose out on critical Research and Development (R&D) tax relief due to new pre-registration requirements by HMRC. Companies must now register their intention to claim within six months of their financial year-end, or risk missing out on valuable tax relief, sometimes exceeding 20% of R&D spend.
Business owners registered for VAT are being reminded to make sure they file their returns and pay on time or face falling foul of new penalties introduced by HMRC.
Businesses are being warned that HMRC is cracking down on potentially fraudulent claims for research and development (R&D) tax relief.
Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’.
In the Spring Budget 2024, the Chancellor announced that the government was ‘sticking to the plan’ and therefore able to make further tax cuts for working people and to boost growth.
Get all the latest insights and analysis on the upcoming Spring Budget from our tax experts. Visit our Budget News webpage for the latest tax changes and their impact.