HMRC has seen an increase in R&D claims being submitted and is warning companies to submit their claims as soon as possible over the next couple of months to avoid a delay in receiving repayments.
It is often the case that December is a busy period for HMRC due to this being the filing deadline for companies with a December year end. With more R&D claims being submitted year-on-year, this means more work for HMRC to process the claims.
Although HMRC’s aim is to process claims and returns within 28 days, this could take longer during the busy period – and actually we have seen that some businesses have been waiting significantly longer than this, to receive their refunds.
We recommend submitting your claims and returns as soon as possible to avoid any further delays.
Read more from our tax team on the R&D tax relief available for SMEs.
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