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HMRC is enhancing compliance checks on research and development (R&D) tax credit claims to prevent abuse of the relief. As a result HMRC’s standard processing times will increase.
The department aims to pay most claims the payable tax credit or contact the claimant regarding the claim within 40 days although it hopes to return to its standard 28-day processing times as soon as it is able.
HMRC announced this measure on the agents’ forum saying: ‘We appreciate agents’ and claimants’ patience while we handle these claims.’ It added that claimants should follow this guidance:
- to help HMRC process R&D payments quickly ensure all entries are completed on the R&D section of the corporation tax return (CT600 form);
- submitting additional information to support the claim such as the R&D report will help HMRC process the claim quicker;
- review the latest guidance on completing the CT600...
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