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Zest R&D Tax Blog

by Adam Park | June 16, 2022

Last month HMRC announced that its slowing down payments on several R&D tax credit claims while it focuses on combating fraud and abuse of the scheme. 

by Adam Park | May 26, 2022

R&D Tax Credits are government-backed incentives for innovative businesses with the relief often worth around a quarter of qualifying spend on R&D. A company can make a claim for R&D tax credit relief for any accounting periods ending in the past two years (24 months). Before this period ends you must submit an (R&D) tax credit claim for any qualifying expenditure that you’ve identified during that period. As an example, the 24-month deadline could look like this if you had a 31 March year end. Your accounting period ends on 31 March each year and you should submit your company’s corporation tax return within 12 months of this date. You have until 31 March 2023 to make a claim for your accounting period ended 31 March 2021. The actual deadline is midnight on 31 March 2023. After that, it won’t be possible to claim tax relief on R&D qualifying expenditure incurred between 1 April 2020 and 31 March 2021. What if I’ve already filed my Corporation Tax Return or Previously Made an R&D tax claim? The same deadlines apply for amendments to previous claims – which can be changed up to 24 months after the end of the accounting period […]

by Adam Park | April 12, 2022

The Chancellor of the Exchequer, Rishi Sunak, has set out the UK Government’s latest spending plan in the Spring Statement. Although traditionally the Spring Statement is an update on the current state of the nation’s finances as well as future expectations, this year Sunak announced larger policies to help tackle the increased cost of living that everyone is experiencing. The rising cost of living is not just a concern for individuals, but also businesses, since they too might struggle to meet higher energy, fuel, and supply costs. With costs increasing consistently, some businesses may look at reducing innovation and other investments as a cost-saving exercise. With the UK arguably lagging behind other advanced economies when it comes to R&D investment, how does the 2022 Spring Statement tackle these concerns? Cloud Computing Costs & Storage  In the last Autumn Budget, the government announced that cloud computing and data would be eligible for R&D tax relief. Today it was confirmed that these costs, including data storage, will be eligible from April 2023. The inclusion of data storage in this category will be a welcome addition, however full details will not be confirmed until draft legislation is published. Changes to R&D Conducted Overseas […]

by Adam Park | March 23, 2022

The R&D tax credit scheme helps businesses save thousands of pounds every year.

by Adam Park | February 25, 2022

Back in the 2021, Rishi Sunak announced a consultation of the R&D tax relief scheme. Here are some of the changes which were outlined. 

by Adam Park | August 20, 2021

If you’re making a claim, you almost certainly want to avoid R&D Tax Credit enquiry. Read on to find out how.