HMRC has introduced a new disclosure service aimed at firms that mistakenly claimed excessive research and development tax relief, amid rising scrutiny into R&D claims and potential losses to the exchequer.
The focus of the initiative is on those companies that may have overclaimed in good faith, contrasting with the deliberate fraud cases HMRC is also investigating.
Dawn Register of BDO highlighted the necessity for companies to correct speculative past claims, encouraging voluntary disclosures as a way to align their tax affairs with current requirements.
With R&D tax credits designed to foster innovation, the program has unfortunately become a target for fraudulent exploitation, leading to significant losses for the Treasury.
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