Do I need to finalise or complete my in-progress project before I can submit an R&D tax claim?

No, businesses do not need to wait until an R&D project has been completed before making a claim. If your company has incurred qualifying R&D expenditure during an accounting period, those costs can be included in an R&D tax relief claim, even if the project is still ongoing.

This is particularly useful for longer projects that run over more than one accounting period. Rather than waiting until all of the work has finished, businesses can claim the qualifying expenditure incurred in each accounting year, provided it meets HMRC’s eligibility requirements.

It is also possible to make a retrospective claim in many cases by amending a Company Tax Return. The amendment must usually be made within two year of the end of the relevant accounting period. As with any R&D claim, it is important to keep clear technical and financial records to support the qualifying activities and expenditure included in the claim.

Click here to get started on your R&D tax credit claim.