HMRC have announced that they will be waiving late filing and late payment penalties by one month for Self-Assessment taxpayers. This is to give them additional time to complete their 2020/21 tax return and pay any due tax if needed. However, HMRC are still...
The Chancellor announced in his Autumn Budget that the R&D tax relief regime will be reformed. The key changes: The scope of the regime will be extended to support modern research methods by including expenditure on data and cloud computing costs The relief will...
Creative tax reliefs have been made even more generous following the Autumn Budget. Find out here if your company qualifies for these reliefs The Chancellor has announced a temporary increase in the rates of relief for the following tax reliefs: Theatre...
The government has announced a cap on the amount of payable tax credit that a company can claim for Research and Development (R&D). The cap will be £20,000 per period plus 300% of the PAYE and NIC payable for the period. This will take effect for periods starting...
The UK Government is launching new financial support for small and medium-sized businesses that import and export from/to the EU, the SME Brexit Support Fund. If you are a business importing and exporting goods, the Support Fund could help you by funding up to £2,000...
DAC6 is a system of mandatory reporting of cross-border tax arrangements, where these affect one or more EU member states and fall into one or more particular characteristics (hallmarks). Following the UK leaving the EU, DAC6 will no longer be applied in its entirety....
HM Treasury has announced that the Annual Investment Allowance (AIA) will remain at £1 million until 1 January 2022. The AIA allows businesses to claim same-year tax relief for capital investments in plant and machinery assets and was due to revert to £200,000 on 1...
Research and development (R&D) tax relief has been around for over 20 years now. The government is satisfied that the tax relief is working and helping the economy. This is because this scheme encourages businesses to innovate new technologies and invest in...
Coronavirus: R&D Tax Relief could give your business a cash boost Tax savings and cash flow are more important than ever right now. As companies look for new sources of cash to replace lost revenues, we are seeing an increase in the number of enquiries about...
PM pledges increase in support for Research & Development Boris Johnson has told the CBI Conference that he will increase the amount of annual Research and Development (R&D) tax relief. He told business leaders “In order to help businesses innovate, this...
What is Making Tax Digital? (MTD) MTD is the biggest shake-up of the personal tax system in 20 years and will fundamentally change the way taxpayers report to HM Revenue & Customs (HMRC) and keep their business records. Taxpayers will be required to keep records...
Company car tax: is a company car still a tax efficient option? Company car tax efficiency is at the forefront of many business owners and employees’ minds and, whether you’re thinking of purchasing your first company car or upgrading an old one, it is important to...