The project completion process aims address over-running projects and to enable project applicants to inform us as soon as a project has completed (rather than waiting until submission of the Statutory Annual Return (Form 4), which may be up to 12 months following completion of the project).
In April 2015, HMRC approved a condition which means any project expenditure outside of the estimated start and end dates will be non-compliant and a breach of that condition. Therefore it is essential to seek an extension of time in which to complete a project to ensure you remain compliant. You can read the actual condition in the 'Conditions April 2015' document on the right hand side of this page.
An EB completing a project extension form online will see the date originally notified for completion of a project and can seek a three month extension. This new date will become the new project completion date.
An EB completing a project completion form online will find that any relevant project information which has already been provided to us will be pre-populated in the completion form for that project. At present an EB can only notify us of the completion of a project by entering data in the supplementary pages of the Form 4 after the conclusion of the reporting year in which the project was completed, the new process enables an EB to notify us at any point in the year.