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Autumn Budget: 30 October 2024

The Chancellor presented her first Budget to Parliament on 30 October 2024. For all the key tax announcements, see Tolley Autumn Budget 2024 Summary.

New and updated HMRC guidance on R&D

HMRC has published the following new R&D guidance notes:

1. •

   Work out your Research and Development tax relief ― including calculating the payable expenditure credit for the relevant tax year

2. •

   Check what Research and Development (R&D) costs you can claim ― with a useful list of allowable costs, including in relation to qualifying indirect activities (and also covering contracted-out R&D)

3. •

   Make a claim for R&D tax relief on your company tax return ― including the pre and post-April 2024 schemes

‘Tell HMRC you want to claim Research and Development (R&D) tax relief’ has been updated to clarify when to submit the claim notification form, with extra detail included on the ‘claim notification period’.

See Simon’s Taxes D1.440.

HMRC issues guidance on VAT