Tax credits - deadline fast approaching

Following changes to the Finance Act 2006, all companies are required to finalise their Research & Development (R&D) tax credit claims by 31 March 2008, for the periods 1 April 2002 - 31 March 2006. After the end of March, no claims can be made for qualifying R&D expenditure incurred before 1 April 2006. The time limit for a claim to be made is now two years from the end of the accounting period in which the expenditure was incurred.

The deadline is fast approaching and you should contact your tax accountants if you believe that you should be making, amending or withdrawing a claim for R&D expenditure before 31 March 2006.

Do you think you need to make a claim? Our experts in taxation have put together a brief analysis of R&D tax credits and how companies can benefit.