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 […]
New VAT Penalties regime Penalties for late payment and interest harmonisation For VAT taxpayers from periods starting on or after 1 January 2023. For taxpayers in Income Tax Self-Assessment (ITSA), from the tax year beginning 6 April 2024 for taxpayers with business or property income over £10,000 per year (that is, taxpayers must submit […]
Can I get Tax Relief on Pension Payments? What is a pension, and how does it work? A pension is a financial product that lets you save up to fund your retirement. Technically, it’s a kind of tax wrapper with specific rules around what you can save and when you can access your cash. There […]
Does HMRC have too` much power or not enough? The taxes collected by HMRC – £584.5bn in 2020-21 – run the UK and, as such, the right amounts must be managed. To this end, HMRC has myriad powers to review returns and check taxes have been correctly calculated and paid. For civil cases, these powers […]
What can be claimed as an expense for a Limited company? What is a Limited Company? A Limited Liability Company is an “incorporated” business structure that means that to bring the company into existence, it must first be formally registered with Companies House. Once registered, the limited company is an entirely distinct “legal entity”, separate […]
VAT implications for businesses supplying goods or services to EU/Non-EU Place of supply For VAT on services, the general ‘place of supply’ principle still applies. This rule determines whether the service is within the scope of UK VAT. For B2B services, the place of supply is where the customer is resident. This means that where […]
Income Tax MTD : What it means for sole traders in 2024 Making Tax Digital (MTD) is the UK governments flagship programme to make tax accounting easier for businesses and individuals such as sole traders. As you might guess from the name, it does this by legislating the digitalisation of tax data and submission. Making […]
