SME Repayment Cap April 2021 Following the Budget Update on the 3rd of March, it is confirmed that a cap on the amount of cash payable to loss-making companies under the SME scheme is being introduced to prevent potentially fraudulent claims and abuse of the scheme by rogue companies. HMRC has identified entities specifically set […]
What is an EMI Scheme? EMI Share Options Scheme is an initiative HMRC implemented to allow UK businesses to give share options to their employees with significant tax benefits. The scheme is intended to help smaller independent businesses realise their potential by attracting and retaining the best employees for long-term success. The key difference between […]
Enterprise Investment Scheme (EIS) What is EIS? EIS uses tax reliefs to incentivise private investors who recognise that significant returns are achievable if they are willing to risk their funds by investing in early-stage businesses. Early-stage businesses often struggle to raise equity finance, so EIS has established itself as a trusted and crucial source of […]
PILON (Payment in Lieu of Notice) and Termination Payments Employees with more than one month’s service are entitled to a minimum statutory notice period upon termination of their employment contract. The statutory notice provides that an employee must receive a minimum of one week’s notice for every full year that their employer has employed […]
Charitable giving and tax relief for companies and individuals Defining ‘charity’ for tax purposes A charity is a body of persons or trust that broadly meets all the following conditions: It is established for charitable purposes only. It is subject to the control of a UK court or any other court in an EU member […]
SpringStatement 2022 We have compiled the key messages from the briefing: Download PDF below Spring Statement 2022 – PDF Originally posted 2022-04-20 08:31:53.
The most common mistakes made in R&D tax claims Typical R&D claim Not all R&D projects occur in laboratories, and your R&D team doesn’t need to wear white coats. Any company in any industry may be eligible to claim R&D tax credits, so long as the company is undertaking development activities that seek to achieve […]
Furnished Holiday Lettings What are furnished holiday lettings? A Furnished Holiday Let is a specific category of rental property classification in the UK, Ireland, and other European countries. If your property is a Furnished Holiday Let, it allows you certain tax advantages and benefits as an owner. But how does your holiday home receive this status? […]
R&D claims an “unbelievable” drain on company resources Research & Development (R&D) tax credits have been in the news a lot of late – two significant changes to the scheme are expected to take effect from April 2023 while more imminently, HMRC is investigating the huge volume of what they call ‘spurious’ claims which have […]
R&D tax credits: what is an HMRC enquiry? What is an HMRC enquiry? The government’s R&D tax credit incentives were introduced to help grow the UK economy and reward innovative businesses. HMRC manage and administer the government R&D tax credit incentives. Sometimes this can include an enquiry. When you submit an R&D tax credit claim […]
Insight to R&D eligible cost What costs qualify for R&D tax credits? You can claim Research and Development (R&D) tax credits on revenue expenditure, i.e., day-to-day operational costs. But usually, capital expenditure (money spent on fixed assets such as land and buildings) is not eligible for R&D Expenditure within the claim. Eligible R&D Expenditure Revenue […]
What do you know about Corporate Intangibles Tax Treatment Corporate intangibles tax treatment The corporate tax treatment essentially follows the treatment of intangibles in the accounts. There are, however, restrictions on the deductibility of debts about goodwill and other customer-related intangible assets depending on the date of acquisition or creation. The corporate intangibles regime has gone through several iterations since its introduction in […]
