"R&D Tax Reliefs and Preparing for the Upcoming Reforms" online webinar

Yesterday, we had the pleasure of joining the "R&D Tax Reliefs and Preparing for the Upcoming Reforms" online webinar brought by CryptoUK and BDO.

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From discussing the criteria for R&D projects to highlighting common mistakes in R&D claims, this webinar covered a range of topics that can benefit businesses in the crypto industry and beyond.

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To qualify for R&D tax relief, a project must meet certain criteria. First of all, it must have competent professionals who are able to reach scientific or technological advancement while seeking to overcome technological limitations.

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It was also emphasised that businesses need to make sure they notify HMRC of their R&D claims within six months of the end of the claim period. Failure to notify HMRC within this timeframe will result in no claim being made.

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Additionally, common mistakes in R&D claims were discussed, such as failing to properly explain complex technology/engineering or claiming under the SME scheme when you do not qualify for it.

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To make a successful R&D claim, businesses need to provide HMRC with a detailed report that includes proof of the advance sought, technical clarity, forensic analysis of costs, and information about the SME scheme. Providing "Additional information" can also help to strengthen the claim.

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In conclusion, the webinar provided an informative insight into R&D tax reliefs, the upcoming reforms, and how businesses can make successful R&D claims. You can find more information on the BDO website.