Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

HMRC calls on businesses to come clean about accidental R&D tax overclaims

by January 5, 2025
January 5, 2025
HMRC calls on businesses to come clean about accidental R&D tax overclaims

HM Revenue & Customs (HMRC) has rolled out a new disclosure service for companies that have inadvertently overclaimed research and development (R&D) tax relief and failed to amend their returns.

The move underscores the government’s intensified crackdown on misuse of the scheme, which reportedly cost the exchequer over £1 billion in missing revenues.

The initiative targets firms that may have overstated their R&D expenditure in good faith, rather than those deliberately committing fraud. It follows a surge in HMRC investigations into questionable R&D claims, with the tax under review reaching £641 million this year, according to the department’s annual report.

Generous by design, R&D tax credits encourage companies to invest in innovative projects. However, this same generosity has also attracted fraudulent activity and organised criminal efforts to exploit it, costing the Treasury an estimated £1 in every £4 of the relief in 2020-21.

Dawn Register, a tax dispute resolution partner at BDO, said: “There are also other disclosure routes available to companies looking to bring their tax affairs up to date. We’ve seen many unscrupulous ‘claims’ agents in the R&D market in recent years. If a company now realises its past claims were ‘speculative’, a voluntary disclosure is definitely the best course of action.”

Read more:
HMRC calls on businesses to come clean about accidental R&D tax overclaims

0
FacebookTwitterGoogle +Pinterest
previous post
Why forcing a return to the office is a step backwards for business
next post
Tide gears up for new share sale as it eyes global growth

You may also like

Pay gap at UK’s largest companies widens

December 18, 2023

Free-range egg rules could be scrapped to help...

December 29, 2022

Finance concerns have harmed the mental health of...

May 15, 2023

The benefits of cashless payments for your company

August 12, 2024

Lib Dems Unveil Bold Manifesto for Self-Employed

June 10, 2024

Economists forecast another 0.5-point rate rise next month

August 16, 2022

Bitcoin rises to 17-month high as ETF speculation...

October 25, 2023

Elon Musk announces he has found new Twitter...

May 12, 2023

Government to shake up AI funding rules to...

March 10, 2025

Fuel Ventures leads £1.5M seed round in Groov...

November 12, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • UK payrolls see biggest drop since covid as wage growth slows and job market weakens

      June 10, 2025
    • Why AI and green tech are vital to SME growth in 2025

      June 10, 2025
    • Yes, it’s great to get PR coverage – until it’s locked behind a bloody paywall

      June 10, 2025
    • We have to act now to keep AI from becoming a far-left Trojan Horse

      June 10, 2025
    • SME lending delays slashed by 80% thanks to fintech-driven back-office reform

      June 10, 2025
    • UK defence innovation strategy opens new doors for SMEs in AI and autonomous tech

      June 10, 2025

    Categories

    • Business (8,173)
    • Investing (2,021)
    • Politics (15,580)
    • Stocks (3,138)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved