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 […]
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 […]
Health and Social Care Levy: Why are National Insurance rates increasing? WIM Accountants summarises the tax increases brought with the Health and Social Care Levy Bill 9 September was a day that shocked the nation, particularly lower-earning taxpayers when the Prime Minister announced a tax increase. National Insurance rates are set to rise along […]
Wrap your head around PAYE We’ve all seen the words PAYE pop up on our payslips, but how many actually know what PAYE means and how it works? Introduced in 1944, the ‘Pay As You Earn’ system is a method used to pay income tax and National Insurance Contributions (NICs) to HMRC from your […]
SME vs RDEC: What should you claim under? If you’re planning on making an application for Research and Development (R&D) Tax Credits, you need to know the differences between the two schemes available: The Small-Medium Enterprise (SME) scheme The Research and Development Enhanced Credit (RDEC) scheme Depending on the size of your company the nature […]
