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Are YOU In need of assurance?

24th Dec 2015
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HMRC has recently launched yet another exciting new scheme that may or may not have caught your eye.

This one is meant to help first time small company claimants of Research & Development (R&D) tax relief.  

Under the new Advance Assurance scheme as it is snappily called, HMRC will allow an R&D claim without further enquiry for a company’s first 3 accounting periods, which will, according to our friendly Inspectors, “allow them to concentrate on their business rather than focussing on their claim”.  

Advanced Assurance also gives proof that the company will get R&D tax relief which may help them secure funding. You can apply for Advance Assurance on behalf of your client. HMRC will still need to contact a company director or an employee (for example, research manager) but you, as their agent, will be able to contribute. 

A company can apply for Advance Assurance whether it is planning to carry out R&D, or has already carried it out. However it must not have claimed R&D tax relief before, its annual turnover must be £2 million or less and it must employ fewer than 50 people.   

If a company is new and doesn’t have an annual turnover figure, it can still apply as long as it hasn’t claimed R&D tax relief before.

So there we go. Is it just my suspicious nature or is this rather open to abuse…..?

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