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Risky business
Key points
- One in 25 research and development (R&D) claims are estimated to be in the spotlight.
- Since 1 April 2023 there has been an obligation for an accountant’s name to appear on their clients’ R&D claims.
- It will be a huge challenge for accountants to verify R&D claims to their own satisfaction.
- Accounts are rarely equipped with the scientific or engineering knowledge needed to determine whether an innovation qualifies as an R&D claim.
- Accountants are starting to distance themselves from clients filing claims that are obviously spurious.
Regulations in the research and development (R&D) sector are changing. For accounting periods starting 1 April 2023 there has been an obligation for an accountant’s name to appear on their clients’ R&D submissions. Accountants will now have to shoulder some responsibility for any claims which is a huge development. What does this mean in practical terms and what is the...
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