Remittance Basis for Non-Doms in the UK What does the term ‘Remittance Basis’ mean to you? If you are a domiciled UK resident it probably won’t mean much, but if you are non-domiciled (or non-dom) this is a concept which you should familiarise yourself with as it could be a huge advantage in your […]
Stamp Duty Land Tax: Understanding the new rates and extensions The Stamp Duty Land Tax (SDLT) holiday was launched to stimulate the property market and encourage growth in first-time buyers as a response to the drastic downfall in property transactions following the first lockdown period due to the pandemic. There have however been calls to […]
What is the Film Tax Relief and can I claim it? Filming is an expensive trade which probably does not come as a surprise to those involved with the creative industries. But there is a lifeline for those in the business via the government Film Tax Relief (FTR). No matter how small your business may […]
Are you missing out on potential tax reliefs? What is tax relief? Tax relief enables you to deduct the amount you pay to the government during a tax year from your tax payable to HMRC. Essentially meaning there is less tax for you to pay and we also call them tax reducers. Tax reliefs can […]
May 2021: Updated HMRC guidance on COVID support Agent Update: Issue 84 provided useful insight into the latest guidance and changes HMRC have implemented over the recent months to help mitigate the financial damage caused by the pandemic to businesses. Below is a summary of the points which caught our eye and may have usefulness […]
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 […]
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