Research and Development (R&D) Changes due in 2024 are already causing confusion

Research and Development (R&D) Changes due in 2024 are already causing confusion

Changes to R&D relief are causing confusion for companies and the importance of using an experienced accountant to complete R&D claims is becoming more important than ever as processes change.

The government is planning to merge the existing R&D schemes into a single scheme for all sizes of business in April 2024. There has been criticism about how the system will work as well as requests for clarity on the use of subcontractors amongst other elements of the scheme.  

Last month, representatives from the various accountancy bodies called for a one-year delay to the rollout to give time for accountants to absorb the changes and allow businesses to review their current R&D activity in light of the revision of the tax relief scheme.

The Association of Taxation Technicians (ATT) suggested that ‘Businesses need a year until it is implemented…….’.

 A number of the changes are already in motion and there are concerns that there is not enough time for stakeholders to adapt and may deter those doing R&D from making a claim.

As these new processes come into place the importance of using experienced accountants to help companies understand the increasingly complex R&D tax landscape and how to access R&D tax incentives has never been more important.

Here at Kennedys Accountants we have the experience, together with a team of accountants who will be happy to help with any R&D, so please get in touch.