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 […]
UK R&D geared up for a tech-driven future Significant changes are coming to R&D tax incentives from April 2023. Find out what these changes could mean for your future R&D claims. HMRC have provided more details on the forthcoming changes to the research and development (R&D) tax incentive with effect from April 2023. To summarise, […]
Is the VAT Flat Rate Scheme right for your business? FRS (Flat rate scheme) An optional VAT scheme is available to all small businesses with a VAT exclusive annual taxable turnover of up to £150,000. This requirement applies at the point of entry into the scheme. Companies should check their turnover on each anniversary of joining the scheme, and if […]
Get your website taxes right Tax and Accounting Treatment for Website Development Costs Before you can start determining the tax treatment for your website development cost, you need to assess the use of the website. You need to decide if your website is more of a brochure that publicises your brand or if the […]
Insights: Non-domiciled UK residents and Remittance On 20th August 2021, HMRC confirmed that it would be writing to non-domiciled taxpayers who have lived in the UK for either seven years out of the previous nine tax years, or 12 out of the last 14, who have filed their 2019-20 tax returns but who subsequently […]
Charities – What we can do for you We are often approached by charities for guidance on a range of financial and advisory matters. For example, what needs to be included in our annual reports? Do we need to be audited? What are the deadlines for our accounts, are they the same as a normal […]
Tax implications from loans to participators made by close companies The Autumn Budget 2021 confirmed that the increased dividend upper rate will apply on tax charged under Corporation Tax Act 2010, s.455, which details new anti-avoidance measures in addition to those already in place for loans to participators in close companies. Let’s take […]
HMRC ramping up anti-abuse measures for R&D claims If you have been following the Autumn Budget announcement you may have noticed that the government highly values UK Research and Development (R&D) . After all, the UK surpasses its international peers in R&D investment at 1.1% of GDP. R&D spending is also set to rise […]
Autumn Budget 2021: Big changes incoming for R&D The Chancellor announced a number of changes, policies and reforms as part of the Autumn Budget – most notable among these for us were the incoming changes to the R&D Tax Credit structure. The Chancellor made sure it was well known that the underlying theme […]
Capital Allowance Super-Deduction explained The Treasury announced on 3 March 2021 the introduction of a 130% Capital Allowance super-deduction as well as 50% first-year allowance (FYA) on special rate (SR) assets. These are just one of many incentives the UK government has used to improve business investment, so let’s take a comprehensive look at […]
