R&D tax relief has been a valuable source of innovation funding for thousands of UK businesses since it was first introduced but HMRC’s approach to subsidised expenditure could soon see many of those claiming for customer-led R&D at risk of challenge. Covid-19, Brexit and the resulting economic downturn have wreaked havoc in the UK during…
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HMRC have issued a briefing setting out their approach to collecting tax debts and customer support as the UK emerges from the Covid-19 pandemic. The briefing sets out: •what HMRC will do when a customer has a tax debt; •the extra support that has been put in place for customers; and •what action HMRC will…
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1 July Corporation tax due for accounting periods ended 30 September 2020 (where not payable by instalments) 5 July Deadline for applying for a PAYE settlement agreement (PSA) to have effect for the first time for 2020-21 6 July P11Ds and P11D(b) for 2020-21 due to be submitted to HMRC and copies of P11Ds to…
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Research & Development (R&D) Tax Credits are a progressive type of tax relief available to any UK company that is contributing to the UK economy through innovation and research; be it through improving existing or developing new products, processes, services, devices and materials. Or, advancing the state of knowledge in their sector. When can a…
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A total of 519,120 VAT returns were filed late by businesses last year, up 13% from 459,190 the previous year, leaving many SMEs exposed to interest and penalties on their outstanding bills, warns UHY Hacker Young. The penalty regime for the late filing and payment of VAT can result in hefty fines up to 15%…
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They say that only two things are certain in life: death and taxes. Paying tax is inevitable but there are things you can do to reduce the percentage of your income that the taxman takes. As a small business owner, the likelihood is that you’re probably paying too much tax, which is why we’ve put…
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Even with a little glowing light at the end this unimaginably long tunnel, it does feel like for 2021, things just managed to get worse. But we’re not here to spread doom and gloom. We want to bring hope and open your eyes to options that until now you might not have considered for your…
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Due to the impact of COVID-19, the government want to give businesses who have suddenly suffered significant losses, an opportunity to get some additional cash back into their struggling business. In the 2021 Budget changes were announced to enhance the current Loss Relief Rules. The enhanced relief is mainly targeted at the more stable businesses…
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A Simple Guide to Employee Expenses Employee expenses can be easy for staff to write off as simply saving the receipt for something they had to pay for, and claiming it later through expenses. The truth is that there are strict rules outlined by HMRC around what employees can expense and what they can’t. Here’s…
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HM Treasury (HMT) has published a factsheet covering the new super-deduction announced in the 2021 Budget, which will allow companies to cut their tax bill by up to 25p for every £1 they invest in qualifying assets. Broadly, between April 2021 and 31 March 2023, companies investing in qualifying new plant and machinery assets will…
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