Many businesses remain unaware of HMRC’s new requirement for submitting their first or infrequent R&D Tax Credit claim.
If you are conducting R&D and have not previously claimed or haven’t made a claim in the last three year, you now need to file an Advanced Notification Form (ANF) with HMRC within six months of your financial year-end.
Managing change
Previously, companies had up to 24 months after their year-end to make an R&D claim. For accounting periods starting on or after 1 April 2023, this timeframe has been drastically reduced to six months for first-time claimants (or those who haven’t claimed in three years).
For example, a company with a year-end of 31 March 2024 must submit its ANF by 30 September 2024.
If the form isn’t submitted in time, the business will not be able to claim R&D Tax Credits for that financial year.
This change has already impacted businesses, leaving some unable to access much-needed tax relief for R&D investment, so you should:
Plan to maximise opportunities
By understanding and acting on these changes now, you can safeguard your ability to claim valuable R&D Tax Credits.
Planning ahead and filing the required forms on time will allow your business to continue accessing crucial funding for innovation and growth.
Don’t wait—review your R&D activities today and ensure you’re prepared to meet HMRC’s requirements.
