What happens if my business’s R&D tax relief claim is filed after submission of the accounts?

If your business is claiming Research and Development (R&D) tax reliefs which involves receiving income from HMRC, you might be wondering if you need to change or update your previous financial statements. The simple answer is you don’t need to. The income received from R&D tax relief claims can be handled as adjustments from the past year in your next set of accounts.

Although you have the choice to change your previous financial statements for R&D tax credits, it’s not something that’s usually necessary. In fact, it’s pretty rare. The only time you would need to change your financial statements is when they don’t follow the rules in the Companies Act. Since the corporation tax in your financial statements is an estimate, any later changes to your business’s corporation tax as per the computation usually don’t require your accounts to be changed.

After you’ve made your first R&D tax relief claim, we can help you prepare your next claim to align with when your accountant is getting your accounts and corporation tax computation ready to file. This means if your business is profit-making, we can help lower your corporation tax liability before it’s due and give a cashflow boost. Contact Moore R&D today to enquire into how we can support your business.