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 […]
Taxpayers reported over 144,000 scams last year, up from 123,000. With self-assessment tax returns due by 31 January 2025, fraudsters may target individuals with fake tax refund offers or payment demands. HMRC warns it never threatens legal action via voicemail or requests personal details by text.
Inheritance tax Introduction to Inheritance tax Inheritance tax (IHT), introduced in the 1986 Finance Act and governed by the Inheritance Tax Act of 1984, replaced the Capital Transfer Tax and Estate Duty. IHT accounts for around £5.5 billion of government revenue, with only 4%-5% of estates paying it, thanks to various reliefs and tax planning […]