Research and Development tax credit payments on hold
HMRC have paused Research and Development tax credit payments. Investigations are also now underway into irregular claims for the tax relief.
Claimants should not contact the R&D helpline/mailbox to chase their research and development tax credit payments. HMRC will provide updates via the regular Monday agent email, along with an update next week.
An HMRC annual report analysed by an accountancy firm in 2021, found that fraudulent claims totaled £303m. This is an increase of £30m when compared to 2020.
The Chancellor announced his plans to reform research and development tax credits last year. They will begin in April 2023.
The reform will see an expansion of qualifying expenditure to include data and cloud costs.
Get in touch with our team if you have any questions about research and development tax credits.
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