R&D tax credit claimants advised to expect longer processing times.

If you have recently submitted a claim and are still to receive your payment, do not worry.

HMRC recently announced that to prevent the abuse of the research and development (R&D) tax credit scheme they are enhancing their compliance checks. Payments of some R&D tax credits will be suspended. However, for most claimants, all this means in longer processing times.

HMRC are taking longer to process most R&D claims due to the more thorough investigations that they are conducting. They are currently aiming to either pay the payable tax credits or contact claimants regarding their claims within 40 days. They are however seeking to return to their standard 28-day processing times as soon as possible.

HMRC are asking that claimants remain patient whilst they handle their claims. They also provided the following guidance for companies looking to submit their R&D claims:

  • To ensure that processing times can be minimised, and payments can be received quickly, all entries on the R&D section of the CT600 form must be completed.
  • Where possible to speed up the process you should aim to submit additional supporting information with your claims, such as an in-depth R&D report.
  • Before completing your CT600 review the latest guidance to ensure no mistakes are made.

Following this advice when preparing your R&D claim is not only important to speed up processing times, but also will drastically decrease your chances of getting penalised. Claims that are submitted incorrectly, or fraudulently, can not only be denied but also be liable to a penalty.

If you have recently submitted a claim and are still waiting for your payment/response hold tight – We are sure that you will have an update soon. HMRC are asking claimants not to contact their helpline/mailbox to chase their claims, as this could result in further delays.

Here to Help!

When making R&D claims it is very beneficial to use tax credit specialists such as Enhance Consultants Ltd. We are here to assist companies in ensuring that they submit all the necessary information to obtain the maximum benefits available to them, successfully, without facing any compliance checks.

If you have any questions or would like our help in submitting an R&D report for your company, our team are only a phone call away and always more than happy to help. Get in touch today for your FREE consultation.