It is essential to know exactly how and where to put your R&D claim figures on the tax computation and follow them through to the CT600. Getting this wrong will impact on your whole claim and could lead to an enquiry with HMRC. The following guidance takes you through the claims process using Taxcalc Software.
The taxcalc has a knowledgebase. Below are the links into the knowledgebase for SME and RDEC claims. This will take you through to the guide on how to process each of the different types of claim. Highlight the link and copy into your browser.
KB 2621 deals with the RDEC
https://kb.taxcalc.com/index.php?View=entry&EntryID=2621
KB 918 deals with enhanced expenditure
https://kb.taxcalc.com/index.php?View=entry&EntryID=918
Once you have worked through the process your return has now been correctly amended for R&D. Don’t forget to attach the detail of the qualifying costs and the Technical Justification as pdf files before submission. It is important that tax software is not relied on and that the filing accountant understands what the output on the tax computation and CT600 should be entered as correctly and does not rely on the software to get it right. Hopefully this article has helped with the submission process but if you are unsure of the tax position of the company then please get in touch and we can discuss the best way forward.
Vicky Hall ACCA – Finance Director RandDTax