R&D Tax Credits
R&D tax credits A guide to the tax relief available to innovative SMEs. Research and development (R&D) tax relief for small companies provides an enhanced deduction for the costs of qualifying R&D projects. R&D tax relief for large companies is given as an expenditure credit in the company’s profit and loss account before the tax…
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Business Records Check
What if HMRC want to visit your premises Within HMRC the tax department has decided to revive its programme of business record checks in November 2012, there’s an increasing chance of a visit from the tax inspector for businesses in the high risk category. The cross-tax checks where their connect system is part of a…
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Scottish Tax Payers
However, it will freeze the higher and additional rates so that there is increasing divergence between Scottish and rest of UK taxpayers. The Scottish Budget was delayed from December after the UK general election was called and had to be held before the UK Budget on March 11 due to legal requirements to set council…
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Capital Gains Tax Planning
Selling something you own for more than you bought it for is not only the basis of making a profit and doing ‘good business’; it is also the start of your liability for capital gains tax (CGT). In its broadest terms, CGT is a tax that applies when you dispose of an asset (meaning selling…
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When is a Hairdresser not an Employee
When a hairdressing salon uses subcontractors within their salon, they should ensure the following so it is crystal clear that they are not classed as an employee as tax and national insurance implications are at stake: Maintenance of their own books and accounting records. Being responsible for their own tax affairs and health and safety…
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Ways to get Your Accountancy Fee’s Down
Why Should I Get My Tax Return Prepared Early One of the questions that I often get asked is why I should get my tax return done early I will get it done in December or January and make them wait. HM Revenue & Customs issues a notice to complete a tax return for individuals…
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Student Loan
Do You Have a Student Loan? Do you have a student loan, if so are you repaying this, and do you know that this to be declared on your tax return? Repaying Student Loan There are different ways to repay this it can be either: Through your tax return Through your payroll (deducted monthly from…
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Staff Christmas Party
We will soon be coming up to Christmas time where many companies will be holding a staff Christmas party, but this does not have to hold a Christmas it could be for a summer barbeque. This is provided for employee: available to employees generally or available to employees at a location where the employer has…
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Tax Going Digital
Cloud Accounting and Bookkeeping Overview There is now the opportunity to have you cloud accounting software which means you no longer need to have this installed on your desktop you can access this via an internet connection from anywhere. This will avoid the upgrades like with Sage as you will always have the latest version…
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