HMRC claim half of all submitted claims are missing mandatory information

When claims are made to HMRC, it is vital that all relevant information is provided to ensure there are no issues with processing payments and concluding the claim made. HMRC have revealed that almost half of all R&D claims from 8th August to 3rd September 2023 have been submitted without the required Additional Information Form (AIF).

 

The AIF became mandatory on 8th August 2023 to help HMRC more easily identify fraud and error in claims and to give HMRC a better overall understanding of the types of claims being made and by whom. This new AIF has created additional administrative steps that businesses need to be aware to ensure claims are completed accurately.

 

The AIF has a requirement for firms to include additional details before submitting their claim. The information includes details around the project(s), do they attempt to overcome the scientific or technological advances, uncertainties, and what was the baseline technology at the time of undertaking, the project, along with the associated costs.

 

There have been a few comments made around the latest statistic posted by HMRC claiming that the latest change to the R&D tax relief application process was ‘highly publicised’ and it has been a ‘surprise to see so many claims being processed that were submitted incorrectly.’

 

With changes in legislation being a norm in society, especially surrounding your R&D tax credit application, it is important to get this 100% or partner with a firm that is consistently up to date in this field.

 

At the Momentum Group, we know the R&D claims process inside out. We are the trusted experts as R&D Tax Credit Consultants in identifying which projects and expenditure of yours qualify for research and development tax relief and more importantly, how to process the AIF to ensure you meet the compliance.

 

We pride ourselves on being constantly up to speed with new and updated legislation. Our process is to:  Identify, Analyse, and Optimise. You can rest assured, partnering with Momentum provides you with the right expertise and guidance, and our clients are accustomed to a professional and honest advice that consistently delivers real tangible results.

 

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