R&D Tax Credits update: how to prepare for changes to R&D tax relief 2023
In this post, we break down the information you need for the new additional information form, explain how the additional...
In the 2022 Autumn Statement, Chancellor of the Exchequer, Jeremy Hunt announced a reform of the UK’s R&D tax relief schemes. Until 13 March 2023, you can contribute your opinions and ideas to the consultation.
In this post, we explain what’s happening and how to take part.
In the Autumn Statement in 2022, the Chancellor announced that the government would reform R&D tax relief with these aims (Statement PDF, p55):
The government has already made some changes to the SME and RDEC schemes – these changes come into effect from April 2023. But the reform announced in the Autumn Statement will make changes that go further to change how the tax relief works.
The reform to the UK R&D tax relief schemes announced last autumn is currently at consultation stage. The consultation is a two-month open invitation for anyone to submit their views on the current R&D tax relief schemes and proposed changes.
The consultation is open to all – individuals, businesses, accountants, organisations representing groups of businesses or sectors – if you’ve used the schemes, you help people use the schemes, or you’re considering claiming, then the government is interested to hear from you. It’s easy to take part – you’ll submit your response by email.
If your company benefited from R&D tax relief or if you’re yet to make a claim, your opinions are important. The government states that they want to hear views from businesses, representative bodies and accountants with experience of using the existing R&D schemes.
The reformed scheme needs to be appropriate for the people who use it – no company is too small to take part in the consultation.
You don’t need to apply or to wait to be asked. To take part in the consultation about reforms to R&D tax relief, you’ll need to prepare your responses to the consultation questions – see below. It doesn’t matter if you don’t answer all the questions – answer as many as you can.
When you’re finished answering the questions, email your answers to:
In your email, write who your response is from – you need to say whether your submission is from you as an individual or on behalf of your business or organisation.
The consultation is open from 13 January to 13 March so to take part, you’ll need to send your response by 13 March 2023.
Use our checklist to prepare for a successful claim. When you claim with SeedLegals, we review your claim to optimise the amount you get back.Get the checklist
Below we’ve listed the questions to answer to create your response to the R&D tax relief consultation. For full background to the questions, take a look at the consultation PDF which explains the details of the schemes and suggested changes the government is evaluating.
It doesn’t matter if you don’t answer all the questions. You can send your response as a document attached to an email or just paste your answers into the email. You can even choose just to submit a comment, without answering the questions.
When you’re ready, send your response to the email address above.
Under the guidelines for consultations, the government promises to publish their response within 12 weeks of the end of the consultation period, or explain why this isn’t possible. This means we can expect the response on or before 5 June 2023.
The government’s statement will set out how many responses were received, what consultees said, and how this informed the new policy. The statement will be published on the same page on the gov.uk website as the original consultation.
If you’re not sure if you can claim R&D tax relief – or if you haven’t yet filed your claim, book a free chat with our experts to find out how to maximise the amount you get back from HMRC.