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How you make an R&D claim will largely be dictated by timing.
Its possible to make a claim up to two years after the end of the relevant accounting period. After this point – you won’t be able to make a claim for R&D relief.
It is possible therefore to make an historic claim based on past qualifying expenditure by amending and resubmitting your tax return. A successful claim should result in a cash payment to your business.
You can also make an in-year claim or by providing the required information along with your original tax return. Relief is given in the form of a reduced tax bill, as opposed to a cash payment, assuming you are profit-making.
ETC Tax are experienced in handling client’s claims from start to finish. Get in touch if you have any queries.