Posted by James Pearson on 09 Jun 2022
HMRC Stop R&D Tax Credit Payments
HMRC have suspended the payment of certain research and development (R&D) tax credits while it investigates some “irregular claims” for the tax credit.
It has been reported that HMRC have written to the affected parties regarding the relevant claims. HMRC say that most R&D claims are ‘genuine and will not be affected’, but warned that delays in processing other R&D claims may arise.
In a message to firms, HMRC stated that the move may cause delays to its processing times for other R&D tax credit claims as they try to ensure they prevent abuse of the relief.
HMRC has also requested that agents and companies review their online account for updates on the status of claims and that claimants do not contact the R&D helpline/mailbox to chase payments.
If your company is affected by this and you need assistance, Tax Innovations has the expertise and experience to help.
If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or firstname.lastname@example.org.
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