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

Third of public sector workers ready to resign

October 31, 2022

Abu Dhabi Sovereign Wealth Fund in Talks for...

February 21, 2024

UK electric-car grant reinstated until March 2023 as...

October 5, 2022

UK government to spend £1.5m on marketing a...

March 11, 2024

How New Wooden Windows Can Help You Save...

November 23, 2024

Tory swing voters switch to Labour after Sunak’s...

October 2, 2023

POS Integration: How to Connect Offline and Online...

August 15, 2023

Resilience Raises $100M to accelerate expansion across Europe

August 7, 2023

AI Skills Gap putting Public Sector projects in...

April 12, 2024

Holding the line: The King of Soho’s stand...

September 19, 2023

    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

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • 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