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HMRC have launched a voluntary advance assurance pilot scheme to support small companies with fewer than 50 employees, including start-ups, which are about to make their first research and development (R&D) relief claim.
In a move come in response to a recent Revenue consultation, businesses that take part in the trial will have the support of a designated specialist who will provide one-to-one support and advice on making a claim.
The company and the taxman will agree on a basis for the first claim, as well as on claims for the two subsequent accounting periods. Providing the business uses the agreed basis, these claims will normally be accepted as accurate without query from HMRC.
Companies interested in taking part in the pilot should contact their specialist research and development relief unit via the Revenue's website.
Paul Hughes, tax partner at London chartered accountants Barnes Roffe, said that while R&D is valuable to small and medium-sized enterprises, assessing the eligibility of some projects can be troublesome.
‘Hence, not all companies entitled to the relief are claiming it,’ he added. ‘The pilot scheme should reduce compliance costs for those companies that make claims year on year.’
