R&D Tax Credits in the Food and Drinks Industry We all love food and beverages, even more so when there’s something new on the block. Luckily for those of us in the UK, the food and beverage industry is one of the largest (approximately £29bn contributing to the UK economy) so there is a huge […]
Claiming a Tax Refund under the Construction Industry Scheme What is CIS? The Construction Industry Scheme (CIS) is a government scheme that obliges contractors to deduct money from a subcontractors payment as advance payments for subcontractors tax and National Insurance Contributions (NIC). Contractors are required to register for the scheme, but subcontractors have the flexibility […]
Tax Investigation 101: What you need to know A recent tax investigation case that we assisted with prompted us to consider what exactly business owners know about HMRC tax investigations. Those involved in the tax industry are well familiar with how HMRC investigate, but it became apparent that a sizeable portion of our clients are […]
R&D Tax Credits 2021: What’s new? Did you know that your R&D tax credit claim could be capped? The Budget 2021 released on 3 March 2021 brought good news for those working with data and cloud-based computing, as it now looks increasingly likely that this will be included in the new scope of tax reliefs. […]
New Guidance for CGT on House Sales Selling property is not as simple as it used to be. With tighter rules being enforced by HMRC over the last few decades sellers need to be aware of these changes and how they are affected, particularly when concerning the disposal of UK residential property. A UK residential […]
Preventing abuse of R&D Tax Relief for SMEs What are the R&D Tax Credit measures due to come in for accounting periods starting from 1st April 2021? The proposal in the Finance bill is: A company claim for payable credit (R&D Tax Credits are only available under the SME scheme to claimants making a loss […]
Key Summary The recent Spring Budget brought forth several significant tax reforms, particularly affecting individuals. Among these reforms, notable changes concern the taxation of non-UK domiciled individuals and property. Here’s a concise breakdown of the key Budget measures: 1. Non-domiciled status: The current ‘remittance basis’ tax system for non-UK domiciled individuals will be replaced with […]
Start Saving for Your Retirement with Pensions As you start planning for retirement, it’s essential to think about how you will fund it. One of the most effective ways to do so is by starting to save in pensions. Pensions are a tax-efficient way of saving for your future, with many benefits. In this post, […]
Stamp Duty Land Tax (SDLT) is a tax imposed by the UK government on purchasing properties and land in England and Northern Ireland. You will only have to pay Stamp Duty Land Tax if your purchase is over a certain price. SDLT was introduced by the Finance Act 2003; it replaced stamp duty with effect […]
Employee Ownership Trusts (EOTs) EOT were promoted by the government to promote employee ownership by giving business owners the opportunity to avoid capital gains tax from selling their shares to an employee-owned trust. EOTs do not involve direct share ownership by employees, rather a controlling interest in company is transferred to an all-employee trust […]
The only constant that remains in anyone’s life is change and the situation with the tax regime in the UK is similar. Every year the finance budget is introduced by the chancellor of the exchequer in March. The UK fiscal year begins on 6 April and ends on 5 April the following year while the […]
CGT is a tax on the proceeds of the sale of anything you own. For an asset owned for more than a year, it is calculated from the profit generated, which is the rise in value of the sale price compared to the purchase cost. Typically it’s applicable to: • Shares • Investment funds • […]
