It’s already September, and for companies with a March 2024 year-end, the first HMRC pre-notification deadline is fast approaching! If you’re planning to claim R&D Tax Credits, you need toact fast to make sure you’re ready for the new pre-notification rules that came into effect in April 2023. Here’s a quick guide to everything you need to know, so you don’t miss out on your claim.
What Is Pre-notification?
Pre-notification is a new requirement by HMRC where businesses need to notify them in advance of their intention to submit an R&D Tax Credit claim. This notification must be made within 6 months of your accounting period’s end—so for March 31, 2024 year-ends, your deadline is September 30, 2024. Missing this means you won’t be able to claim for that period.
Who Needs to Pre-notify?
If you’re claiming R&D Tax Credits for the first time, or if you haven’t made a claim in the last three accounting periods, you’ll need to pre-notify HMRC. This means many companies will need to follow this new process to ensure their claims go through smoothly.
Key Deadlines: March 2024 Year-end
For companies with a March 31, 2024 year-end, the pre-notification deadline is September 30, 2024—just a month from now! Other year-ends follow this same 6-month timeline: March 2024 → September 2024
April 2024 → October 2024
May 2024 → November 2024
Set those dates in your calendar, because once the deadline passes, you won’t be able to claim for that period.
How Do You Submit Pre-notification?
Luckily, pre-notifying is straightforward. It’s done online through the Government Gateway portal. HMRC will provide a simple form for you to fill out. Just make sure you gather all the required information beforehand to ensure a smooth process.
What Information Do You Need?
The pre-notification process doesn’t require too much detail. Here’s what you need to provide:
Company Name and UTR (Unique Taxpayer Reference)
Contact details of the claim handler
The accounting period you’re claiming for
A brief description of the R&D work you’re conducting
A statement confirming your intention to claim
No need to submit a full technical report—just a summary to get the process started.
What Happens If You Don’t Pre-notify?
Failing to meet the pre-notification deadline means you’ll be ineligible to claim R&D Tax Credits for that accounting period. Don’t let this simple step stand between you and valuable tax relief!
Need Assistance?
With the September 30, 2024 deadline for March year-ends quickly approaching, now’s the time to make sure you’ve got everything in order. It’s always a good idea to work with a specialist to ensure you’re submitting everything correctly and on time. That way, you can focus on innovation and let the experts handle the paperwork.
Stay ahead of the curve and make sure you don’t miss out on your R&D Tax Credits. The pre-notification deadline might be new, but it’s easy to navigate with the right preparation. Get ready, submit your notification, and keep reaping the rewards of your R&D activities!
