R&D tax credits
In our newsletter on 24 August 2017 we outlined why HMRC was extending the deadline for revising R&D tax credit claims for accounting periods which ended between 9 October 2014 and 31 January 2016. The revised deadline was 31 January 2018.
In Agent Update no. 64 HMRC announced that this extended deadline has been further extended to 30 April 2018, but no reason has been given. The Agent Update says the HMRC manual on R&D (CIRD) had been updated to reflect the further extension, but it hasn’t, yet.
Trust registration service
The deadline for completing registrations of existing trusts through the trust registration service (TRS), was also set at 31 January 2018. However, HMRC said it will waive any penalties for registrations completed by 5 March 2018, which amounts to an informal extension of the deadline.
We don’t know what the penalties are for late registration through the TRS. The Trusts and Estates newsletter in December advice was: “HMRC is currently developing the penalty framework for the TRS and will provide an update once the new framework has been finalised.”
We do know that the TRS fiasco will have to be repeated every year. The beneficial ownership information about the trust will have to be provided by 31 January after the end of each tax year, through the TRS.
Written by the Tax Advice Network