R&D Tax Relief: Why Your Business Might Be Eligible

Our latest Infographic outlines some basic information about R&D [Research & Development] Tax Relief and how it might benefit your business.

The First Autumn Budget

On Wednesday 22nd of November the Chancellor of the Exchequer will deliver the first ‘Autumn Budget’ as opposed to the usual ‘Autumn Statement’. We are moving to an important Budget each autumn and then a watered down Spring Statement as the Government wants only one significant fiscal event a year, instead of two. Phillip Hammond...

HMRC HAVE UPDATED THEIR GUIDANCE ON SALARY SACRIFICE SCHEMES

The rules for salary sacrifice schemes changed with effect from 6 April 2017 and HMRC have updated their guidance for employers. Apart from 5 exceptions the amount assessed as employment income for new salary sacrifice arrangements is now the greater of the salary foregone and the taxable benefit as set out in the tax legislation....

Tax Investigations

Size doesn’t matter. Whether you are a large, medium or small business, at some point HMRC is likely to open a Tax Investigation . You don’t even need to be in business. HMRC is equally happy investigating individuals, rich or poor, if it believes more tax is due. During the last financial year, HMRC delivered...

Is Your Company Carrying Out Research & Development?

  Many companies are still missing out on valuable tax breaks for expenditure on research and development (R&D).  Revenue and Customs (HMRC) have recently updated their guidance on claiming R&D tax credit relief and have reminded companies that it is possible to obtain advance assurance that the R&D activities are eligible to make a claim....

New Company Loss Rules to Go Ahead

The Finance Bill due to be debated in early September will finally include the new rules for the set off of company losses that were originally announced in March 2016.   As a result of the first Finance Act beingrushed through due to the snap General Election the legislation to introduce the new company loss...

Changing Your Company Car? What About a Hybrid Next?

The next Finance Bill will include legislation to reduce significantly the taxable benefit on the provision of low CO2 emission cars from April 2020. From 2020 there will be a 2% benefit in kind for company cars that emit no CO2 such as electric and hydrogen powered cars. At the same time the system for...

Reporting Expenses & Benefits Provided to Employees

HMRC have recently updated their toolkit dealing with the reporting of expenses and benefits provided to employees and directors in the light of significant recent changes in this area. HMRC toolkits are designed to help minimise the risk of errors in returns and computations and their use, although voluntary, will be taken into consideration in...

Thinking of Winding Up Your Company?

Up until 6 April last year, the distribution of cash to shareholders on the winding up of a trading company by a liquidator, was usually taxed as a capital gain, potentially taxed at just 10% with the benefit of entrepreneurs’ relief. However, last year’s Finance Act introduced a targeted anti-avoidance rule that may tax such...

New Government Childcare Schemes

Working parents can start applying for two new Government childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September. This means that working parents of children, aged under 4 on 31 August 2017, can now apply through the new digital childcare service for Tax-Free Childcare...