Inheritance Tax: Let’s get organised
Let’s face it, none of us want to think about when we’re going to die, let alone talk about it, or consider if there’s going to be a tax bill waiting for our loved ones once we’re gone. But it’s really important to understand what your Estate is w...
Annual R&D stats have been released by HMRC
The stats also highlight the number of SME’s claiming under RDEC for subcontracted or subsidised work and who will likely lose their claims under the proposed merged scheme. The legislation for the merged scheme as currently drafted follows the ex...
Latest Patent Box statistics released by HMRC
The latest statistics from HMRC show there has been a decrease in the number of companies making patent box claims with a total of 1,510 claimants in 2021 - 2022 compared to 1,610 claimants in 2020 -2021. Whilst the number of claimants has decrea...
Is it time to slow down the changes to R&D claims rules?
We support ATT’s proposals, particularly the need to slow the rate of change down for businesses. HMRC have recently shared that half of all R&D claims they received in the last month were submitted without the new additional information form (man...
Residential property Capital Gains Tax 60-day reporting: Are you on top of it?
Three years ago, the government changed the rules on how Capital Gains Tax on residential property should be reported and paid, around the same time that they introduced the new HMRC digital service. The updates introduced a 60-day deadline for re...
How to stay on the good side of HMRC when claiming R&D tax relief and avoid penalties
It’s estimated that during 2020/21, over £400m was wrongly claimed by UK companies. As a result, HMRC has hired 100 additional staff to focus on R&D tax relief claims to try and reduce the scale of error and fraud in claims.
Why it pays to have Tax Investigation Insurance
Tax Investigation Insurance. It sure does sound important and a little ominous, doesn’t it? Well, it’s important stuff – for any business. If this is something you’re unaware of, don’t worry, you’re not alone.
Create value through innovation
...none are more important than the company’s own culture, capabilities and internal systems – all of which are aspects of its governance. Unless companies are governed in a way that is conducive to innovation, they are unlikely to be in a positio...
Changes to UK Trust Registration Service – update March 2022
As the government has announced a further round of changes to The UK Trust Registration Service, there is a feeling of déjà vu within the tax team. This time, the net is much further reaching and now includes those that already registered back in ...
R&D Tax Claims: Are you missing out on Patent Box relief?
The UK patent box was introduced from 1 April 2013 and enables companies to apply a lower rate of corporation tax of 10% to profits arising from patented inventions or processes.
R&D Tax Claims: Creative Sector
Often tax reliefs for innovation are thought to be the preserve of scientists in white coats, software businesses and consumer goods companies. The creative industry is often overlooked yet is clearly eligible to claim cash credits with the govern...
If you think you may sell part of your business at some point – get a dormant company in place now
So, if there’s a chance that someone may want to buy a part of your business at some point in the future it would be advisable to form a dormant subsidiary company now so that you don’t fall foul of not having held the shares for 12 months. The t...