{"id":4986,"date":"2023-07-20T06:40:57","date_gmt":"2023-07-20T06:40:57","guid":{"rendered":"https:\/\/www.experlu.co.uk\/blog\/?p=4986"},"modified":"2024-08-08T05:05:18","modified_gmt":"2024-08-08T05:05:18","slug":"2023-rd-tax-relief","status":"publish","type":"post","link":"https:\/\/www.experlu.co.uk\/blog\/2023-rd-tax-relief\/","title":{"rendered":"2023 R&amp;D tax relief changes- All you need to know"},"content":{"rendered":"\n<p>Stay informed about the latest updates on <a href=\"https:\/\/www.experlu.co.uk\/blog\/the-big-rd-tax-relief\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">R&amp;D Tax Relief<\/mark><\/a> for 2023, as these changes significantly impact your business.<\/p>\n\n\n\n<p>In the last budget, crucial modifications to R&amp;D Tax Relief have come into effect, altering the amount of relief you&#8217;re eligible for, the qualifying costs, and the notice period required when submitting your claim to HMRC.<\/p>\n\n\n\n<p>It&#8217;s imperative to account for these reforms in your future <a href=\"https:\/\/www.experlu.co.uk\/blog\/rd-tax-credits\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">R&amp;D<\/mark><\/a> Tax Relief submissions to avoid time-consuming inquiries that can delay your relief by several months and potentially strain your relationship with HMRC.<\/p>\n\n\n\n<p>This blog post will provide an overview of the changes and the new reporting requirements that will take effect later this year. Understand what these changes mean for your upcoming R&amp;D Tax Relief submissions.<\/p>\n\n\n\n<p>If you have any questions or need assistance understanding how these changes impact your business, our R&amp;D Tax Relief experts team is here to help. Leave us a message, and we&#8217;ll respond promptly.<\/p>\n\n\n\n<div class=\"outline_two\">\n    <h2>Table of Content<\/h2>\n    <ul>\n        <li><a href=\"#Updated\">Updated Rates of R&#038;D Tax Relief<\/a><\/li>\n        <li><a href=\"#What\">What are the changes<\/a><\/li>\n        <li><a href=\"#New\">New Reporting Requirements<\/a><\/li>\n        <li><a href=\"#Postponement\">Postponement of Removal of Relief for Overseas Subcontractors<\/a><\/li>\n        <li><a href=\"#Conclusion\">Conclusion<\/a><\/li>\n    <\/ul>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Updated\">Updated Rates of R&amp;D Tax Relief<\/h2>\n\n\n\n<p>The availability of R&amp;D Tax Relief for companies has undergone significant changes.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.experlu.co.uk\/get-started?utm_source=blog&amp;utm_medium=CTA_button&amp;utm_campaign=Service&amp;utm_id=b2&amp;utm_term=accounting&amp;utm_content=button_click%22%20class=%22bfill-btn\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"523\" src=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-1024x523.jpg\" alt=\"Tax Advisor\" class=\"wp-image-7437\" srcset=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-1024x523.jpg 1024w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-300x153.jpg 300w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-768x392.jpg 768w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-450x230.jpg 450w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-780x398.jpg 780w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-150x77.jpg 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>The SME R&amp;D Tax Relief scheme has become less generous, while the Research and Development Expenditure Credit (RDEC) support has increased.<\/p>\n\n\n\n<p>These new rates apply to qualifying expenditures incurred on or after 1 April 2023.<\/p>\n\n\n\n<p><strong>Decreased SME R&amp;D Tax Relief for Enhanced Expenditure<\/strong><\/p>\n\n\n\n<p>The enhancement rate within the <a href=\"https:\/\/www.experlu.co.uk\/blog\/vat-guide-essential-for-uk-smes\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">SME<\/mark><\/a> scheme has been reduced from 130% to 86%.<\/p>\n\n\n\n<p>Enhancement is a fundamental aspect of the SME scheme, artificially augmenting the value of qualifying costs to generate a tax reduction or cash credit.<\/p>\n\n\n\n<p>For some companies, the surrender rate, which determines the proportion of an enhanced loss that can be relinquished for cash credit, has also decreased.<\/p>\n\n\n\n<p>Loss-making companies investing at least 40% of their total outgoings in qualifying expenditure can still access the current % surrender rate of 14.5%.<\/p>\n\n\n\n<p>However, non-loss-making and loss-making companies investing less than 40% of their expenditure in qualifying R&amp;D will now have a surrender rate of 10%.<\/p>\n\n\n\n<p>This provision for loss-making SMEs heavily investing in R&amp;D was unveiled during the March 2023 <a href=\"https:\/\/www.experlu.co.uk\/blog\/mini-budget-announcements-sept-2022\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Budget Announcement<\/mark><\/a>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"What\">What are the changes?<\/h3>\n\n\n\n<p>Here&#8217;s how these changes affect the relief available to companies based on their financial positions:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-background\" style=\"background-color:#fcf0ef\"><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td colspan=\"2\"><strong>SME<\/strong><\/td><td colspan=\"2\"><strong>RDEC<\/strong><\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td><strong>Before 1 April 2023<\/strong><\/td><td><strong>After 1 April 2023<\/strong><\/td><td><strong>Before 1 April 2023<\/strong><\/td><td><strong>After 1 April 2023<\/strong><\/td><\/tr><tr><td><strong>Loss-Making<\/strong> &nbsp;<\/td><td>33.35% Tax credit on qualifying expenditure (230% enhanced expenditure x 14.5% rate of tax credit) &nbsp;<\/td><td>18.6% Tax credit on qualifying expenditure (186% enhanced expenditure x 10% rate of tax credit) &nbsp;<\/td><td><strong>10.53%&nbsp;<\/strong><strong><\/strong> Tax credit on qualifying expenditure (13% rate of RDEC taxed at 19% rate of corporation tax)<\/td><td><strong>15%&nbsp;<\/strong><strong><\/strong> Tax credit on qualifying expenditure (20% rate of RDEC taxed at 25% rate of corporation tax)<\/td><\/tr><tr><td><strong>Profitable<\/strong> &nbsp;<\/td><td>24.7% Additional tax saving on qualifying expenditure (130% enhancement x 19% rate of corporation tax) &nbsp;<\/td><td>21.5% Additional tax saving on qualifying expenditure (86% enhancement x 25% rate of corporation tax) &nbsp;<\/td><td><strong>10.53%<\/strong>&nbsp; Additional tax saving on qualifying expenditure (13% rate of RDEC taxed at 19% rate of corporation tax) &nbsp;<\/td><td><strong>15%&nbsp;<\/strong><strong><\/strong> Additional tax saving on qualifying expenditure (20% rate of RDEC taxed at 25% rate of corporation tax)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>SME rate changes and the impact of corporation tax increase<\/strong><br>If your company is profitable, the reduced enhancement rate may be partially offset by the corporation tax increase.<\/p>\n\n\n\n<p>Companies with profits exceeding \u00a3250,000 will now pay a <a href=\"https:\/\/www.experlu.co.uk\/blog\/corporation-tax-rate-increases-in-april-2023\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">corporation tax rate<\/mark><\/a> of 25%.<\/p>\n\n\n\n<p>For companies with profits ranging between \u00a350,000 and \u00a3250,000, the tax rate will fall somewhere between the current 19% rate and the new 25% tariff.<\/p>\n\n\n\n<p>Consequently, if your company has profits exceeding \u00a3250,000, your SME R&amp;D Tax Relief will now be worth 21.5% of your qualifying expenditure, up from 16.34%.<\/p>\n\n\n\n<p><strong>Rising RDEC Relief Rate<\/strong><br>The RDEC rate is being increased from 13% to 20%.<\/p>\n\n\n\n<p>Since RDEC is an above-the-line credit, it is subject to corporation tax, including the increased rate.<\/p>\n\n\n\n<p>Depending on your company&#8217;s profitability, you can expect between 42% and 54% more tax relief if you claim RDEC.<\/p>\n\n\n\n<p><strong>Inclusion of Cloud, Data, and Mathematics Costs as Qualifying Expenditure<\/strong><br>Certain cloud computing solutions and data licensing costs are now eligible for relief.<\/p>\n\n\n\n<p>The government has also revised the guidelines set by the Department for Business, Energy, and Industrial Strategy (BEIS) that govern the R&amp;D Tax Relief scheme. It now includes activities related to pure mathematics as qualifying development work.<\/p>\n\n\n\n<p>Like other qualifying expenditures, these costs must be associated with activities directly contributing to resolving scientific or technological uncertainties.<\/p>\n\n\n\n<p>Suppose you use a dataset or <a href=\"https:\/\/www.experlu.co.uk\/blog\/xero-accounting-software-wins-clients-and-influnce-markets\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">cloud computing service<\/mark><\/a> like AWS for qualifying and non-qualifying work. In that case, HMRC allows apportioning a &#8216;reasonable&#8217; percentage of the costs to your R&amp;D Tax Relief claim.<\/p>\n\n\n\n<p>Costs associated with creating a dataset, including wages for involved employees, will be eligible for relief. Data licensing fees will also be eligible unless contractual terms allow you to publish, sell, or share the data with a third party.<\/p>\n\n\n\n<p>These changes apply to financial periods commencing on or after 1 April 2023.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"New\">New Reporting Requirements<\/h3>\n\n\n\n<p>Starting from 1 August 2023, submitting your R&amp;D Tax Relief claim requires providing more extensive information about your research and development work.<\/p>\n\n\n\n<p>The new &#8216;additional information form&#8217; is designed to help HMRC identify fraudulent and abusive claims. Please comply to avoid an automatic rejection of your claim.<\/p>\n\n\n\n<p>Here&#8217;s the information you need to provide:<\/p>\n\n\n\n<p><strong>Technical Information<\/strong><br>You must provide a detailed description of some or all the projects in your claim.<\/p>\n\n\n\n<p>Your reports should address the following six questions:<\/p>\n\n\n\n<p>1.  What is the main field of science or technology?<br>2.  What was the baseline level of science or technology you planned to advance?<br>3.  What scientific or technological uncertainties did you face?<br>4.  How did your project address these uncertainties?<br>5.  Which scheme are you applying to, and how much are you claiming?<\/p>\n\n\n\n<p><strong>Number of Projects to Describe<\/strong><br>The number of projects you need to describe depends on the projects you claim for. Here&#8217;s a breakdown:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-background\" style=\"background-color:#fcf0ef\"><tbody><tr><td><strong>Projects Conducted<\/strong><\/td><td><strong>Projects to Describe<\/strong> &nbsp;<\/td><\/tr><tr><td>1-3 &nbsp;<\/td><td><strong>All of your projects.<\/strong> &nbsp;<\/td><\/tr><tr><td>4-10 &nbsp;<\/td><td>At least 3, and enough to describe projects accounting for at least 50% of your total expenditure &nbsp;<\/td><\/tr><tr><td>More than 10 &nbsp;<\/td><td>At least 3, and enough to describe the latest ten projects if your qualifying expenditure is split across multiple smaller projects &nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Financial Information<\/strong><br>You need to provide a detailed breakdown of your qualifying expenditure, categorized into nine types of qualifying costs:<\/p>\n\n\n\n<p>\u25cf  Staff costs<br>\u25cf  Externally provided workers<br>\u25cf  Subcontractor costs<br>\u25cf <a href=\"https:\/\/www.experlu.co.uk\/blog\/payroll-services-how-to-select-the-right-software\/\"> <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Software<\/mark><\/a><br>\u25cf  Consumable items<br>\u25cf  Payments to participants of a clinical trial<br>\u25cf  Data licence costs<br>\u25cf  Contributions to independent R&amp;D costs<br>\u25cf  Cloud computing services, including storage*<\/p>\n\n\n\n<p><strong>Note:<\/strong>&nbsp;Cloud computing costs become eligible for accounting periods starting or after 1 April 2023.<\/p>\n\n\n\n<p>You must also specify the amount of qualifying expenditure associated with each project.<\/p>\n\n\n\n<p><strong>Qualifying Indirect Activities<\/strong><br>You must disclose the amount of your project&#8217;s expenditure allocated to qualifying indirect activities. Indirect activities support your development work without directly contributing to scientific or technological advancements. Examples include project management and analysis.<\/p>\n\n\n\n<p>Expenditure on indirect activities cannot include cloud computing or data licensing.<\/p>\n\n\n\n<p><strong>Company Information<\/strong><br>Lastly, provide specific details about your company, including:<\/p>\n\n\n\n<p>\u25cf  Your company&#8217;s United Taxpayer Reference (UTR) number<br>\u25cf  Your employer PAYE reference number<br>\u25cf  Your VAT registration number<br>\u25cf  Your business type, such as its current SIC code<br>\u25cf  Contact details for the main senior person responsible for your R&amp;D claim<br>\u25cf  Contact details for any agent who assisted in preparing your claim, such as your R&amp;D Tax Relief specialist<\/p>\n\n\n\n<p>It&#8217;s worth noting that HMRC uses SIC codes to target inquiries, so including the SIC code with your submission is essential.<\/p>\n\n\n\n<p>Feel free to reach out if you need guidance on meeting these new claim requirements.<\/p>\n\n\n\n<p><strong>Claim Notification Form<\/strong><br>If your company hasn&#8217;t claimed R&amp;D Tax Relief at all or in the past three accounting periods, you must submit a Claim Notification form before filing a claim.<\/p>\n\n\n\n<p>The form requires the following information:<\/p>\n\n\n\n<p>\u25cf  Your company&#8217;s UTR<br>\u25cf  Contact details of the main internal R&amp;D contact<br>\u25cf  Contact details for any agents who assisted in preparing your R&amp;D claim<br>\u25cf  The agent reference number (if applicable)<br>\u25cf  Start and end dates for the period of accounts<br>\u25cf  Start and end dates for the accounting period you are claiming R&amp;D Tax Relief for<\/p>\n\n\n\n<p>The pre-notification should be submitted within six months of the end of your company&#8217;s accounting period, and you can submit it as soon as you begin the accounting period during which you will conduct R&amp;D.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Postponement\">Postponement of Removal of Relief for Overseas Subcontractors<\/h3>\n\n\n\n<p>The government has postponed the removal of SME R&amp;D Tax Relief on costs associated with subcontractors and externally provided workers (EPWs) based overseas until 1 April 2025.<\/p>\n\n\n\n<p>This news will come as a relief to many startups and scale-ups that rely on offshoring to access cost-effective skills.<\/p>\n\n\n\n<p>The delay will provide the government additional time to consider merging SME R&amp;D Tax Relief and RDEC into a single scheme. A unified scheme would offer a flat relief rate regardless of the applicant&#8217;s <a href=\"https:\/\/www.experlu.co.uk\/blog\/how-to-improve-your-businesss-financial-position\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">financial position<\/mark><\/a>, similar to the current RDEC scheme.<\/p>\n\n\n\n<p>The government recently consulted on the proposed merger and planned to announce the results at a future fiscal event, such as a budget statement.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.experlu.co.uk\/get-started?utm_source=blog&amp;utm_medium=CTA_button&amp;utm_campaign=Service&amp;utm_id=b2&amp;utm_term=accounting&amp;utm_content=button_click%22%20class=%22bfill-btn\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"523\" src=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-1024x523.jpg\" alt=\"Tax Advisor\" class=\"wp-image-7437\" srcset=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-1024x523.jpg 1024w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-300x153.jpg 300w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-768x392.jpg 768w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-450x230.jpg 450w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-780x398.jpg 780w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/06\/3-3-150x77.jpg 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Conclusion\">Conclusion<\/h3>\n\n\n\n<p>We are now entering a period of unprecedented change in R&amp;D Tax Relief. The heightened focus on compliance by HMRC is adding immense pressure on companies to ensure their claims are accurate and adhere to all current regulations.<\/p>\n\n\n\n<p>If you have any questions about these changes or need expert assistance in preparing your upcoming R&amp;D Tax Relief claim, our team of tax and technical specialists is here to support you. Get in touch, and we&#8217;ll respond within 24 hours.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed about the latest updates on R&amp;D Tax Relief for 2023, as these changes significantly impact your business. In the last budget, crucial modifications to R&amp;D Tax Relief have come into effect, altering the amount of relief you&#8217;re eligible for, the qualifying costs, and the notice period required when submitting your claim to HMRC. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4987,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,16,22],"tags":[389,339,340,626,627,24,47],"class_list":["post-4986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-startups","category-tax","tag-corporation-tax","tag-rd-tax","tag-rd-tax-relief","tag-rd-tax-relief-experts","tag-rd-tax-relief-submissions","tag-tax","tag-tax-accountants"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2023 R&amp;D tax relief changes- All you need to know - Experlu<\/title>\n<meta name=\"description\" content=\"Stay informed about the latest updates on R&amp;D Tax Relief for 2023, as these changes significantly impact your business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.experlu.co.uk\/blog\/2023-rd-tax-relief\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2023 R&amp;D tax relief changes- All you need to know - 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