Changes to the Flat Rate VAT Scheme come into force this April. It is important to understand these changes especially if you already operate the scheme or are considering using the FRS.
The restrictions on residential property interest will soon start to apply. As the legislation introducing these changes is now fully in place, our latest blog post will illustrate to you how the restrictions will work and what to particularly watch out for.
There is a variety of tax reliefs available to small companies which are advocated by HMRC and can be used to save tax through clear and authorised methods. One such scheme is Research and Development (R&D) tax relief. This is a government incentive designed to encourage innovation by UK businesses. R&D tax relief can be equivalent to up to 33p for every £1 spent on qualifying expenditure.