With much in the media about exploitation of HMRC’s R&D scheme and increases in R&D claim enquiries, we reflect on why this shouldn’t be off-putting to clients who are considering making a claim.
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Tax
Let it go
Amidst uncertainty around the Budget announcements, one change that has been confirmed is the Government’s intention to repeal the special tax rules relating to the commercial letting of Furnished Holiday Lets.
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The Times They Are A-Changin’
Following Labour's victory in the general election, we take a look at some of the main pledges from the manifesto and Chancellor's speech which impact tax and business.
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This is how we do it
It’s early June – we’re into the new tax year. Most people won’t have started thinking about their personal tax return yet. But, there are some real advantages to getting it done early.
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Never miss a beat
Do you think your company might be eligible for Research and Development tax relief?
If so, it’s more important than ever to be communicating with your accountant and making sure that you aren’t caught out by the new rules in place and subsequently prevented from submitting a claim.
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Tick tock
The deadline for filing a self-assessment tax return is 31 January 2024.
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Everything changes
If you have your own business and are self-employed rather than operating through a company, you may find a substantial change in the coming years. This is because the timing of when profit is recognised on your tax return is changing.
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All rise
From 1 April 2023, the rate of Corporation tax has gone up. This won’t hit all companies but will have an impact on many businesses so now is a great time to think about some tax planning.
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I don’t want to miss a thing
There have been some significant changes around the administrative side of research and Development (R&D) for companies.
One change is that from 8 August 2023, it is necessary to complete and submit an additional information form (AIF) in advance of submitting the actual claim and corresponding corporation tax return. If this is not done, the claim will get rejected.
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Electric Avenue
With taxes on the rise, now is a really good time to be thinking about where savings can be made. An employer supplying an electric car (which can be through a salary sacrifice) can be really tax efficient, particularly for an owner managed business.
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