R&D Claims: Check These Two Details Before Your Next Claim

A change to your company’s records can affect the information needed for your next R&D claim. Please take a moment to check these two details.

1. Have your accounting dates changed?

If you have changed your company’s financial year-end, for example by shortening or extending an accounting period, please let us know the new dates.

For UK companies, this is particularly important because R&D claim information is linked to specific accounting periods and the R&D claim notification requirements can apply before the relevant Corporation Tax return is available. Even a small change to an accounting period can therefore affect the information and dates used for your claim.

For Irish companies, keeping us updated allows us to make sure we have the correct accounting period for your next R&D tax credit claim and can accurately monitor the relevant claim deadlines.

2. Does your business activity information still accurately reflect what your company does?

UK companies use SIC codes, while Irish companies use NACE codes, to classify their business activities.

Businesses naturally evolve. For example, a company originally established primarily to sell products or services may later develop its own software or technology, while its registered business activity continues to reflect only its original sales activities. Its registered business activity should therefore be reviewed periodically to make sure it remains an accurate representation of what the company actually does.

For UK companies, SIC codes can form part of the wider company information available to HMRC when reviewing an R&D claim. An inaccurate or outdated SIC code does not determine whether an R&D project qualifies for tax relief, but keeping your company information accurate can help avoid unnecessary inconsistencies.

For Irish companies, NACE codes do not determine whether an activity qualifies for the R&D tax credit. Nevertheless, we consider it good practice for your registered business activities to remain an accurate reflection of your company’s current activities.

If either detail has changed, or you are unsure, please contact us so we can review it with you before your next claim.