In this update, we launch the third video of our R&D Tax Incentive series, and provide a brief update on the current state of Inland Revenue and Callaghan’s operations with respect to the incentive.
The third video in our tax incentive series focuses on the record-keeping requirements of the regime, noting the factors most important to substantiating the legitimacy of your R&D, relevant to the legislative requirements.
The video series is aimed at giving businesses a succinct overview of the tax incentive regime, so that you are able to start implementing what is necessary to maximise your R&D incentive claim. We will be adding to the series as the regime develops and Inland Revenue releases further operational information. Check out our videos to date on our approach to the R&D tax incentive and what the R&D tax incentive is.
Businesses can now enroll for the R&D Tax Incentive through the MyIR portal. You must be enrolled to claim the R&D tax incentive.
As most of you will be aware, Inland Revenue are working alongside Callaghan Innovation to administer the tax incentive, with both agencies playing roles important to the successful roll-out, uptake, and operation of the tax incentive regime.
We understand that both agencies are still working hard to complete the finer details of important operational modules including the in-year approval mechanism, and the supplementary return form required to claim the tax incentive.
We look forward to providing you with more information as it is released to the public.
If you have any questions on the enrolment process in the first instance, please reach out to one of our team members.
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