Research & Development Tax Credit
HMRC have started writing letters to some companies that have been making claims for Research and Development (R&D) relief suggesting that they may be fraudulent. This is the result of the system being abused by some spurious claims, but the tone of the letter may alarm some recipients. The HMRC Fraud Investigations Services unit has…
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Making Tax Digital
Making Tax Digital for VAT – New penalties for non-compliance HMRC have issued guidance for VAT-registered business and their agents on how to avoid penalties for non-compliance with the Making Tax Digital for VAT (MTD) rules. In particular, there is a new £400 per return penalty if you file a return but do not use…
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High Income Benefit Charge Catching You Out?
Mistakes made when claiming higher rate child benefit are most frequently the result of poor communication from HMRC and it is more difficult for those with complex, fluctuating earnings The high income child benefit charge (HICBC) raised £416m in 2019-20 but it is a hard tax charge to administer as many of the families affected…
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UK Inflation Prices Increase
BUSINESS NEWS ENGLANDWelcome to our round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you!Inflation: UK prices increase at fastest rate for almost ten yearsThe cost of living has surged at its fastest pace…
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Virtual Christmas Party
Due to the coronavirus restrictions, you may be unable to host your usual Christmas Party for your employees. We are pleased to confirm that the annual parties’ exemption (s264 ITEPA03) will apply to the costs associated with virtual parties in the same way that it would for traditionally held parties. Therefore, subject to the normal…
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Covid 19 Newsletter
C19 NEWSLETTER ‘ECONOMIC EMERGENCY HAS ONLY JUST BEGUN’ In his spending review yesterday Rishi Sunak said the “economic emergency” caused by Covid-19 has only just begun, as he warned the virus would mean lasting damage to growth and jobs. Official forecasts now predict the biggest economic decline in 300 years. The UK economy is expected…
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Paying Your Tax By Direct Debit Monthly
People owe debt to HMRC for a variety of reasons and the best payment solution differs from individual to individual. HMRC takes its responsibility seriously to make sure that people who can pay do so on time, whilst providing extra, bespoke support to people facing financial hardship or in personal difficulty. If you’re facing difficulty…
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Tax Scams in the Pandemic
A Freedom of Information request from the firm has revealed taxpayers reported 9,948 Covid-related scams to HMRC between January and June. Activity peaked in May, with 5,048 incidents explicitly mentioning Covid, then proceeded to fall by over 55% to 2,495 in June. The total number of all phishing scams reported to HMRC was 44,777 in…
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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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