CHARTERED ACCOUNTANTS & BUSINESS ADVISERS Email: business@venthams.com Home > News > HMRC calls for early R&D submissions HMRC calls for early R&D submissions 25 Nov 21 Innovative businesses that receive tax relief through research and development (R&D) SME tax credits are being urged to submit their latest claims urgently. HMRC said firms should "submit claims as soon as possible to avoid a delay in receiving payments between December 2021 and January 2022". The tax authority issued the reminder as many companies have their accounting year-end aligned with the end of the calendar year. This period of the year results in HMRC receiving a "significant increase" in the number of companies submitting claims. HMRC said: "Between December 2021 and January 2022, we expect to be dealing with higher volumes of R&D claims. "While we remain committed to our aim of processing 95% of R&D tax credit claims submitted online within 28 days of receipt, we may take longer during the peak period." SME R&D tax relief allows companies to have an extra 130% deducted from their qualifying costs from their yearly profit, as well as the normal 100% deduction, to make a total 230% deduction. Alternatively, a company can claim a tax credit if it makes a loss worth up to 14.5% of the surrenderable loss. Speak to us about R&D tax credits. HOME ABOUT US OUR SERVICES NEWS BUSINESS FORUM CONTACT US News Business tax Government Announcements PAYE and NI Pensions savings investments Personal tax Regulations VAT Related Guides Patent box Penalties for late returns Key dates and deadlines Business tax planning Corporation tax Related Services Manufacturing Corporate finance Audit & assurance Bookkeeping & accounting Acquisitions & disposals Related News International community strikes global tax deal R&D spending hits £47.5bn in 2019/20 Business rates relief for hospitality, retail and leisure in 2022/23 MTD will cost SMEs £25bn, says FSB 37% of businesses report higher prices Latest News 26 Nov New rates for use of company cars from December 2021. Read full story 25 Nov Tax authority warns of payment delays looming. Read full story 24 Nov Capital gains tax reporting deadline is now 60 days. Read full story See all News Contact us Essex: 01702 209600 London: 020 7440 9300 Surrey : 01737 773796 Email: business@venthams.com Register today Get free access to our online guides and weekly business newswire. Register Today: register Site map Accessibility statement T&Cs Copyright Search Privacy statement Register Login Venthams ©. All rights reserved.