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It’s all in the papers
Key points
- HMRC is increasingly likely to enquire into claims that might have been accepted in the past.
- Documentation of projects is key in mitigating enquiries.
- Reliance on third parties to maintain records is not adequate – the company must keep its own records.
- Details of the project and activities are required.
- Expenses must be identifiable and itemised as much as possible.
- Clarify the relationship with any third parties involved in the project.
The government’s tax relief programmes for research and development (R&D) activities are seen as a vital tool for fostering innovation within the UK in an increasingly competitive global landscape.
HMRC became more stringent in assessing claims after several high-profile tribunal cases over fraudulent expenditure claims costing taxpayers millions of pounds.
As a result of political and social pressure from these developments HMRC adopted new guidelines in April 2019 that raised the standard of care required...
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