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“NUDGE” LETTERS FROM HMRC ABOUT R&D CLAIMS

HMRC, Tax

Following on from the alleged abuse of the Research and Development (R&D) tax relief schemes, particularly the SME tax credit scheme, HMRC have issued “nudge” letters to the directors of over 2,000 claimant companies asking them to check their claims. Here is an extract from the letter:- “As Company Director, it’s important you submit accurate […]

BEWARE “ROGUE” R&D CONSULTANTS

Tax

In recent years HMRC have identified and successfully challenged a number of spurious claims for Research and Development (R&D) tax credit relief made by purported ‘R&D Consultants’. Many of these claims have been for projects that did not satisfy the criteria for the tax relief and some included overstated expenditure and consequently have been abusing […]

ATTRACTING AND RETAINING KEY STAFF WITH SHARES

Tax

In the increasingly competitive jobs market, it is important that employers are able to attract and retain talented people to help them grow their business. Within certain sectors, the opportunity to participate in the equity of the organisation that they work for is something that more employees are seeking and those employers that do not […]

MORE DETAILS OF MTD FOR INCOME TAX REPORTING

Tax

HMRC are currently consulting on the precise details of what needs to be reported each quarter. As expected, it seems the accounting software will need to record and report income and expenditure in the same categories currently used for self-assessment. The main categories are: Turnover/gross rents Costs of goods sold Materials Wages and salaries of employees […]

MAKING TAX DIGITAL – UPDATE

Tax

Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024. The obligation to keep records in a digital format and report […]

PRIME MINISTER CANDIDATES AND POSSIBLE TAX CUTS

Tax

With the departure of Boris Johnson, the contenders as leader of the Conservative Party and Prime Minister (PM) have now been whittled down to the last two – Rishi Sunak and Liz Truss. Whoever wins will need to appoint a new chancellor and we await their tax policies with interest. In the event of Liz […]

BEWARE “ROGUE” R&D CONSULTANTS

Tax

In recent years HMRC have identified and successfully challenged a number of spurious claims for Research and Development (R&D) tax credit relief made by purported ‘R&D Consultants’. Many of these claims have been for projects that did not satisfy the criteria for the tax relief and some included overstated expenditure and consequently have been abusing […]

ATTRACTING AND RETAINING KEY STAFF WITH SHARES

Tax

In the increasingly competitive jobs market, it is important that employers are able to attract and retain talented people to help them grow their business. Within certain sectors, the opportunity to participate in the equity of the organisation that they work for is something that more employees are seeking and those employers that do not […]

MORE DETAILS OF MTD FOR INCOME TAX REPORTING

Tax

HMRC are currently consulting on the precise details of what needs to be reported each quarter. As expected, it seems the accounting software will need to record and report income and expenditure in the same categories currently used for self-assessment. The main categories are: Turnover/gross rents Costs of goods sold Materials Wages and salaries of employees […]

MAKING TAX DIGITAL – UPDATE

Tax

Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024. The obligation to keep records in a digital format and report […]