The UK tax authority reported a significant decline in fraud and errors related to research and development tax credits from increased compliance and tightened regulations.
The level of error and fraud fell to 9.9%, or £759 million ($1.02 billion) in 2022-23, down from 17.6% (£1.34 billion) in 2021-22, according to latest data released Thursday by His Majesty’s Revenue & Customs in its annual report for 2024-25.
HMRC in recent years witnessed a high level of R&D tax relief fraud, mostly driven by small and medium enterprises, as it underestimated the risks with the scheme.
It prompted the authority to ...
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