×

HOW TO BECOME A CLIENT

1 EMAIL OR CALL US.
2 ARRANGE MEETING.
3 BECOME A CLIENT

If you have any problems, please let us know, by sending an email to info@rmiaccountancy.com. Thank you!

OFFICE HOURS

Mon-Fri 10:00AM - 5:00PM
Saturday by appointment only!

SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!
QUESTIONS? CALL: 0161 9137 958
  • LOGIN
  • SUPPORT

RMI Accountancy

RMI Accountancy

City firm of financial and forensic accountants

T 0161 4137 958
Email: info@rmiaccountancy.com

RMI Accountancy
Blue Tower, Media City, Manchester, M50 2ST

Open in Google Maps
  • HOME PAGE
  • ABOUT US
    • ABOUT US
    • Our Team
    • Our Testimonials and Reviews
  • SERVICES
    • FORENSIC ACCOUNTING
      • Forensic Accounting
      • Forensic Investigation
      • Fraud Risk Assessment
      • Fraud Prevention Plan
      • Forensic Audit
      • Forensic Services Guarantee
      • Forensic Accounting – Posts
    • Accounting Solution
      • Accounting
      • Contractor and Freelancers
      • Tax Planning
      • Payroll
      • Business Growth Analysis
      • Book-Keeping
      • Company Formation
      • Guidance for businesses
    • Media & Celebrities
      • Accountancy for TV, Film, Sports & Media
      • Trusted and Reliable Accountancy Services for Media Clients
      • Wealth Management
      • Property Tax Planning
    • Specialist Accounting Solutions
      • Dental Practices
      • Optical and Pharmaceutical Practices
      • General Medical Practices
  • CASE STUDIES
    • A Success Story
    • Case Studies
    • The Path to Success – Becoming a Client
    • Tax updatesTax updates
    • BLOG & STORIES
  • LIBRARY
  • CONTACT
FREECONSULTATION
  • Home
  • BLOG & STORIES
  • Research & Development
  • HMRC pauses payments for R&D tax credits
June 23, 2022

HMRC pauses payments for R&D tax credits

HMRC pauses payments for R&D tax credits

by admin@rmiaccountancy.com / Tuesday, 24 May 2022 / Published in Research & Development

HMRC has halted the payment of research and development (R&D) tax credits while it investigates irregularities in claims for the relief

HMRC contacted accountancy firms on Monday informing them of the decision to pause the payment of research and development tax credits as it investigates what it refers to as ‘irregular claims’ for the tax credit payments.

In a message to firms, HMRC stated that the move may cause delays to its processing times for other R&D tax credit claims, the tax authority said this will ‘ensure they prevent abuse of the relief’.

The tax authority stated that the majority of R&D tax credit claims are ‘genuine and will not be affected’.

HMRC has also requested that claimants do not contact the R&D helpline/mailbox to chase their claims. Instead, it has asked agents and companies to review their online account for updates on the status of claims.

HMRC confirmed that it will continue to issue the regular Monday agent email to update claimants on the processing times but ‘hopes to share more information’ with agents next week.

In order to process payments more quickly, HMRC has asked people to ‘ensure’ that they have completed all entries on the R&D section of the corporation tax return (CT600 form) adding that ‘submitting additional information to support any claim, such as an R&D report, will also help HMRC to process claims quicker’.

The tax authority also issued the reminder that if a claim that is incorrect, inflated, or fraudulent is submitted then a penalty could be issued.

A HMRC spokesperson said: ‘We have paused some research & development tax credit (RDTC) payments while we investigate some irregular claims.

‘The majority of R&D relief claims are unaffected but there will be some delays to our usual processing times. This is to ensure we prevent abuse of the relief.’

In December, accountancy firm Azets issued a warning to SMEs about rogue R&D advisers who were targeting small businesses and making inappropriate claims.

The firm’s analysis of HMRC’s most recent annual report found that the monetary value of fraudulent R&D claims in 2021 was £303m, which was up from £271m in the previous year.

The firm stated that it expected HMRC to tighten its controls on the relief after the Chancellor announced reforms of the R&D tax credits announced in the Autumn Budget 2021 which are to come into effect in April 2023.

The announced reforms aimed to support modern research methods by expanding qualifying expenditure to include data and cloud costs, refocus support towards innovation in the UK and a raft of measures to target abuse and improve compliance.

0
  • Tweet

About admin@rmiaccountancy.com

What you can read next

Research & Development Tax Credits.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Industry calls for business and tax support package

    Manufacturers are calling for an emergency, pre...
  • Treasury pushes online tool to flag National Insurance cut

    he Treasury has launched an online tool to show...
  • New powers introduced as HMRC targets till fraud

    Three people were arrested after HM Revenue and...
  • Homeowners warned over bogus stamp duty refunds

    New homeowners are being warned about cold call...
  • More support for energy customers as loan becomes £400 grant

    In a bid to tackle the cost of living crisis, t...

Recent Comments

    Archives

    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • December 2018
    • November 2018
    • January 2018
    • November 2015
    • August 2015

    Categories

    • Accounts
    • Annual Investment Allowance
    • Bounce back loan
    • Brexit
    • Budget 2021
    • Business grants
    • Business Rates
    • Business Support Finder Tool
    • Capital gains tax
    • Carer's Leave
    • Corporation Tax
    • Covid booster programme
    • Covid Restrictions
    • Eat Out to Help Out
    • Filing Deadlines
    • Fuel Rates
    • Furlough scheme
    • HMRC
    • Home Working Tax Relief
    • Inflation
    • Interest Rates
    • IR35
    • Job Retention Scheme
    • Job Support Scheme
    • Kickstart Scheme
    • Making Tax Digital
    • Mobile
    • National Insurance
    • National Wage Rates
    • Networking
    • Pension
    • Recovery Loan Scheme
    • Research & Development
    • Self Assessment
    • self employed scheme
    • Stamp Duty
    • Statutory Sick Pay (SSP)
    • Tax Credits
    • Tax Fraud
    • Tax Investigation
    • Tax Relief
    • Tax return
    • Technology
    • Uncategorized
    • VAT
    • Virtual Accountancy Services
    • Working Tax Credit

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    Featured Posts

    • Industry calls for business and tax support package

      0 comments
    • Treasury pushes online tool to flag National Insurance cut

      0 comments
    • New powers introduced as HMRC targets till fraud

      0 comments
    • Homeowners warned over bogus stamp duty refunds

      0 comments
    • More support for energy customers as loan becomes £400 grant

      0 comments

    GET A FREE QUOTE

    Please fill this for and we'll get back to you as soon as possible!

    FOOTER MENU

    • About us
    • Our Team
    • Forensic Accounting
    • Tax Planning
    • TV, Film, Sport and Media
    • Wealth Management
    • Case Studies
    • Advisory
    • Contact Us

    NEWSLETTER SIGNUP

    By subscribing to our mailing list you will always be update with the latest news from us.

    We never spam!

    GET IN TOUCH

    T (0161) 4137958
    Email: info@rmiaccountancy.com

    RMI Accountancy
    Blue Tower, Media City, Manchester, M50 2ST

    Open in Google Maps

    © 2019-2020. All rights reserved. Web Design - by Web & Print Media

    TOP
    Skip to toolbar
    • About WordPress
      • WordPress.org
      • Documentation
      • Support
      • Feedback
    • Log In