In the March 2023 budget, changes to the two Research and Development (R&D) tax relief schemes were announced, which came into effect from 1 April 2023. At the same time, plans were also proposed to merge the two schemes into one which would come into effect twelve months later. After consultation, the two schemes have […]
Category Archives: Tax Tips
25
Jun
Jun
Have you had enough of the electioneering and all the televised debates? Or perhaps you’ve been finding some light relief from the politics by watching the Euro’s 2024. As we write this blog, we are reminded that only ten days are left before voting day. A new government could bring about significant changes in legislation […]
12
Jun
Jun
The first R&D relief scheme was launched back in 2000 for SME’s. It took two further years before a larger company R&D scheme was launched. The scheme was underused for many years and HM Revenue and Customs (HMRC) were relaxed in processing the claims. HMRC enquiries only really happened in quite extreme cases. However, HMRC’s […]
05
Jun
Jun
Setting up a business is both exciting and worrying. There’s so much to do and the topic of tax deductible expenses for business might not even be on the radar! However, no doubt you want to optimise your tax position whilst making sure you stay on the right side of HM Revenue and Customs (HMRC). […]
01
May
May
The HM Revenue and Customs (HMRC) Let Property Campaign (LPC) provides you with an opportunity to disclose any undeclared property income. By taking advantage of this campaign, you could get your tax affairs up to date and benefit from the best possible terms. It is always advisable to approach HMRC first because it puts you […]
24
Apr
Apr
Earning a six-figure salary is an exceptional feat, providing a sense of financial security and abundance. However, it’s important to note that a higher income can lead to complicated tax affairs. There are various tax implications of earning over £100K so let’s have a look at them. One of the main tax implications of earning […]
Landlords, Tax Advice, Tax Tips
Are you letting out a residential property through a limited company?
05
Apr
Apr
In recent years many landlords have preferred to set up a structure of a property limited company to ease the burden of tax. Of course, this can be a good choice. However, if you are letting out a residential property through a limited company you may have other tax obligations. As a property investor, you […]
Accounting Tips, partnerships, self employed, Tax Tips
Expanding the cash accounting basis to all self-employed businesses
27
Mar
Mar
As part of his 2023 Autumn Statement , the Chancellor announced that the cash basis will replace the accruals basis as the default method for preparing accounts for all unincorporated businesses from 6 April 2024. The announcement means expanding the cash accounting basis to all self-employed businesses. This will apply to sole traders as well […]
13
Mar
Mar
This time of the year as we approach the end of the tax year we look at all the steps you need to take to make sure you are taking advantage of the tax savings measures available to you. We will consider the different measures and help you plan for the tax year-end. Although overall, […]
Capital Allowances, Corporation Tax, Tax Tips, Uncategorized
Ways to reduce your corporation tax bill
28
Feb
Feb
With the corporation tax rate rising from 19% to 25%, business owners have started to face higher corporation tax bills from 1 April 2023. So, what are the ways to reduce your corporation tax bill? If you are running a profitable business, you may be wondering if you’re taking advantage of all the tax efficiencies […]