The standard deadlines for filing and amending company tax returns are as follows:
- The absolute deadline for making R&D tax credit claims is within two years of the accounting period in which the R&D expenditure being claimed is incurred.
- Profitable companies that are aware of the R&D tax scheme typically prepare an R&D claim within 9 months and one day of the accounting period ends when any tax due needs to be paid. This applies to both SME and RDEC claims, and the claim helps reduce the tax liability.
- For loss-making companies claiming an R&D tax credit or an RDEC payable credit, it is beneficial to submit the claim as soon as possible to improve cash flow.