The UK government is undertaking a significant reform of its £8 billion R&D tax credit scheme to combat widespread fraud while enhancing accessibility for legitimate businesses. Proposed measures include mandatory pre-approval for claims, known as 'advance assurance', aimed at reducing non-compliant claims that have resulted in £4.1 billion in lost taxpayer money since 2020. Increased scrutiny has led to a rise in claims being checked, and concerns from entrepreneurs indicate a need for simplification amid heightened compliance demands.
The government is proposing mandatory advance assurance for R&D tax credit claims, aiming to cut fraud while simplifying the process for companies.
Fraud and error have cost £4.1 billion in taxpayer money between 2020 and April 2023 within the R&D tax relief system.
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