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Major changes to the R&D tax credit scheme: Company & contact details
12 June 2023
As the 1st August begins to loom large on the horizon, we take a look at the final set of new requirements – the company and contact details. And remember – this applies to ANY R&D claims filed from 1st August this year.
You can take a look at the full set of requirements here.
Company & contact details…
- Unique Taxpayer Reference (UTR), must match the one in Company Tax Return
- Employer PAYE reference number
- VAT registration number
- Business type, for example the current SIC (Standard Industrial Classification) code
- Software
- Staff
- Subcontractor costs
- The main senior internal R&D contact in the company who is responsible for the R&D claim, for example a company director
- Any agent involved in the R&D claim
- The accounting period start and end date must also be entered
Remember – HMRC will reject incomplete submissions. And, of course, these are not the only changes.
What does this mean for you?
Although these details are not that complicated, they are potentially significant. Is it clear who the client’s Senior R&D contact will be? Are they aware of the content of the claim? They may demand a detailed briefing before agreeing to be HMRC’s company contact.
Assuming you have provided support with the claim to the client , you would be the agent – and that brings PCRT requirements in to play.
In the UK, Visiativ has been managing R&D tax credit claims for over 15 years. (You might remember us as Jumpstart and latterly, ABGI). We can support you through these changes – with advice and guidance or by managing part or all of the process.
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