Many businesses remain unaware of HMRC’s new requirement for submitting their first or infrequent R&D Tax Credit claim.

If you are conducting R&D and have not previously claimed or haven’t made a claim in the last three years, you now need to file an Advanced Notification Form (ANF) with HMRC within six months of your financial year-end.

Managing change

Previously, companies had up to 24 months after their year-end to make an R&D claim. For accounting periods starting on or after 1 April 2023, this timeframe has been drastically reduced to six months for first-time claimants (or those who haven’t claimed in three years).

For example, a company with a year-end of 31 March 2024 must submit its ANF by 30 September 2024.

If the form isn’t submitted in time, the business will not be able to claim R&D Tax Credits for that financial year.

This change has already impacted businesses, leaving some unable to access much-needed tax relief for R&D investment, so you should:

  • Act quickly: Review your year-end dates and ensure any necessary ANFs are submitted within six months following your financial year-end.
  • Get expert advice: If you’re unsure whether your business qualifies for R&D Tax Credits, seek advice from an R&D specialist. A quick assessment can help clarify eligibility and ensure no opportunities are missed.

Plan to maximise opportunities

By understanding and acting on these changes now, you can safeguard your ability to claim valuable R&D Tax Credits.

Planning ahead and filing the required forms on time will allow your business to continue accessing crucial funding for innovation and growth.

Don’t wait—review your R&D activities today and ensure you’re prepared to meet HMRC’s requirements.