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The Government has agreed to some radical amendments to the controversial Loan Charge disguised remuneration policy. These changes will take some 11,000 contractors outside of the scope and reduce the tax bill for around 20,000 others.
The Loan Charge was aimed at 50,000 contractors, mainly in the IT sector, who worked under loan schemes between 6th April 1999 and 5th April 2019.
However, after the publication of an independent review by the ex-head of the National Audit Office, Sir Amyas Morse, the Government has recognised the concerns raised about the impact on individuals and fairness of some aspects of the Loan Charge.
The Government has accepted all but one of the recommendations in the report and will:
The Financial Secretary to the Treasury, Jesse Norman, has commented “We welcome this careful and considered report, and I thank Sir Amyas and his team for their work. There have been important public concerns about this policy, and that is why we commissioned this report and have responded so quickly to it.”
New guidance will shortly be published by HMRC to help the users of loan schemes understand the impact on their circumstances. In addition, there will be guidance on how to defer the filing of the 2018-19 tax return and the payment of the tax due until the end of September 2020.
As soon as we have the details, we will post an update accordingly.
At CooperFaure, we are working with a portfolio of clients who have operated under loan schemes and would be pleased to review your circumstances. You can book a free initial call with us at a time convenient for you by clicking the ‘Schedule a meeting with us’ button on the home page of our website.
To give you an idea of just how easy it is to make an application for Research and Development Tax Relief, we spoke to one of our clients who made a successful application. Jefferson’s Ice Cream started the process back in early May with a phone call to one of our advisers about how best to create a successful Innovation Report. On May 23rd the R&D claim pack was submitted and on July 3rd a tax credit payment was received. The amount was a little over £15,000 for the equivalent of one working day’s preparation of the report. If your company is undertaking any innovation in your field you can speak to one of our advisers to help get your application started. Listen to our interview with Christopher from Jefferson’s Ice Cream to get a sense of just how easy it is to generate some valuable cash flow for your business.
When Christopher first came across the Research and Development Tax Relief he was unsure if the scheme would apply to him as the owner of an ice cream business. He assumed the scheme was reserved for scientific and technological companies but after talking to our director Jon Cooper he realised how a growing business could also benefit from the scheme.
“To get back what we did was really worthwhile”
While the process will be different for each business, Christopher’s interview gives an idea of what might make up an Innovation Report. Christopher describes the research that went into generating idea, costing and ingredients that could be done at a desk, as well as the more practical work that went on in the kitchen. Something important that Christopher notes is to keep the application form in layman’s terms as it will be an HMRC tax inspector reading the Innovation Report, not industry experts. As long as your work can be shown to be innovative and unique, Christopher believes the main emphasis is to show the amount of work that has been undertaken in your research and not technical expertise or even an end product. Especially as the end product does not have to be successful in order to qualify for the scheme. Ultimately, the Innovation Report is only one or two pages worth of written evidence backed up with financial information. Christopher’s advice to other businesses interested in the scheme is to ‘be honest, don’t complicate it and listen to the advice’.
HMRC estimates that less than 10% of companies with eligible R&D spend are making a claim. The stark reality is that companies are missing out on billions of pounds of tax relief that they are entitled to.Our philosophy is to provide an affordable, personal service that starts with a conversation about your business and an honest appraisal as to whether your activities would qualify.
We have a dedicated team of R&D tax specialists and technologists who work with you and your team to understand the research and development that you have undertaken.
This enables us to ensure that we claim the full R&D Relief that you are entitled to and to present the technical report to HMRC in a meaningful, jargon-free way.
Finally, we manage the process from start to finish to ensure that there is minimal disturbance to your business.
To find out if you could be eligible for R&D Tax Relief all you need to do is to phone 0208 977 8655 or email welcome@cooperfaure.co.uk for an initial conversation that is free and without obligation.
Stay tuned for more in depth videos from the people at CooperFaure in the future!
If there are any topics you would like to be covered in future videos, or in a Q+A with our specialists, please let us know.
Here at CooperFaure we’re always trying to think of exciting new ways of how to engage with our clients. That’s why we’ve launched a video series called ‘Making Accounting Simple’ which aims to cut through the complexity of accounting.
In this episode, we run through the different opportunities available to you as a Start – Up and how you can make the most of them. From SEIS to R&D, there are multiple ways to grow your business and generate valuable cash flow for your business. Make sure to check out our other videos at https://cooperfaure.co.uk/news/ if you want more information on these individual schemes.
Stay tuned for more in depth videos from the people at Cooper Faure in the future!
If you have any questions. please contact us attax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists. If you would like to find out if you are eligible for R&D Tax Relief you can arrange a consultation for a fee of £300.00 plus VAT and enjoy our 100% success rate.
If there are any topics you would like to be covered in future videos, or in a Q+A with our specialists, please let us know.
Here at CooperFaure we’re always trying to think of exciting new ways of how to engage with our clients. That’s why we’ve launched a video series called ‘Making Accounting Simple’ which aims to cut through the complexity of accounting.
In this episode of Making Accounting Simple, Jon talks us through what the recent HMRC consultation on the Research and Development Tax Relief. CooperFaure, among others, submitted feedback to HMRC on the changes to R&D. During this video, Jon explains the thinking behind the decisions made at HMRC and what it might mean for your business. To get your questions answered, watch our video now by clicking the button below!
Stay tuned for more in depth videos from Jon and Freddie in the future!
If you have any questions. please contact us at tax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists.
If there are any topics you would like to be covered in future videos, or in a Q+A with Jon Cooper, please let us know.
Here at CooperFaure we’re always trying to think of exciting new ways of how to engage with our clients. That’s why we’ve launched a video series called ‘Making Accounting Simple’ which aims to cut through the complexity of accounting, including this very important topic – Tax relief on investments.
This episode we sat down with our director, Jon Cooper and talked through the ins and outs of the EIS from a company’s and investor’s point of view (Tax relief on investments).
The Enterprise Investment Scheme (EIS) has been made available by the government to help small to medium sized companies grow by acquiring investments. It is one of four schemes available and it provides Tax relief on investments for investors who purchase shares. Therefore, it acts as an incentive for individuals to invest into small to medium sized companies and in turn assisting the government’s goal of growth. It is a win-win situation for both parties.
We at CooperFaure believe that EIS is a great scheme for most companies to attract investors in order to grow their company. We have assisted numerous clients with the EIS process and have found that as long as all the information is correctly provided to SCEC and all conditions are met there is no reason for the company not to be eligible for EIS.
We at CooperFaure can assist in compiling all of the following which is required for an Advanced Assurance Application:
There’s more for you to read regarding EIS in our blog – https://cooperfaure.designmindshost.com/enterprise-investment-scheme/
If you would like to arrange an initial consultation that is free and without obligation to discuss your circumstances, please email us at welcome@cooperfaure.co.uk.
Here at CooperFaure we’re always trying to think of exciting new ways of how to engage with our clients. That’s why we’ve launched a video series called ‘Making Accounting Simple’ which aims to cut through the complexity of accounting.
This episode we wanted to break down the process of moving your accounts to a cloud-based software like Xero and just how simple it can be. All you have to do is watch the video and you can book in your Xero migration and training package by just calling us on 0208 977 8655. Make sure you check out our video on all the tips and tricks you need to know for Xero from our Xero specialist Pavi.
Stay tuned for more in depth videos from the people at Cooper Faure in the future!
If you have any questions. please contact us attax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists. If you would like to find out if you are eligible for R&D Tax Relief you can arrange a consultation for a fee of £300.00 plus VAT and enjoy our 100% success rate.
If there are any topics you would like to be covered in future videos, or in a Q+A with our specialists, please let us know.
Here at CooperFaure we’re always trying to think of exciting new ways of how to engage with our clients. That’s why we’ve launched a video series called ‘Making Accounting Simple’ which aims to cut through the complexity of accounting.
This episode we sat down with Xero specialist Pavi to go through Xero and its many different functions and why its the future of accounting. To get your questions answered watch our video now by clicking the button below!
Stay tuned for more in depth videos from the people at Cooper Faure in the future!
If you have any questions. please contact us at tax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists. If you would like to find out if you are eligible for R&D Tax Relief you can arrange a consultation for a fee of £300.00 plus VAT and enjoy our 100% success rate.
If there are any topics you would like to be covered in future videos, or in a Q+A with Jon Cooper, please let us know.
Here at CooperFaure we’re always trying to think of exciting new ways of how to engage with our clients. That’s why we’ve launched a video series called ‘Making Accounting Simple’ which aims to cut through the complexity of accounting.
This episode we sat down with our director, Jon Cooper and got his opinions on what Brexit could mean for the future of your business.
Stay tuned for more in depth videos from Jon and Freddie in the future!
If you have any questions. please contact us at tax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists.
If there are any topics you would like to be covered in future videos, or in a Q+A with Jon Cooper, please let us know.
Whilst there was an admission that the Loan Charge was designed to avoid (an interesting word in the context of Disguised Remuneration) protracted litigation with individuals challenging the HMRC interpretation of their tax affairs and a recognition of the difficulties that this would cause some individuals, the overall conclusion was that the Loan Charge “is the right approach to ensure fairness for the vast majority of UK taxpayers who pay the right amount of tax at the right time and draw a line under this form of tax avoidance.”
As a result, the Loan Charge will be applied to outstanding loans under Disguised Remuneration Schemes on 5th April. The HMRC have clarified what outstanding means. They state “The charge will apply to all loans made since 6 April 1999 if they are still outstanding on 5 April 2019. The charge will not arise on outstanding loans if the user has agreed or is progressing towards settlement with HMRC before 5 April 2019.”
It is not too late to start this process with HMRC by contacting them by email at cl.resolution@hmrc.gsi.gov.uk. The information that needs to be provided by 5th April is:
If you would like our assistance or have any questions, please contact us at tax@cooperfaure.co.uk.
Here at CooperFaure we’re always trying to think of exciting new ways of how to engage with our clients. That’s why we’ve launched a video series called ‘Making Accounting Simple’ which aims to cut through the complexity of accounting.
Research and Development (R&D) Tax Credits are a tax incentive designed to encourage UK companies to invest in innovation. We wanted to get the message out, specifically to start-up businesses, that they could be missing out on some extra financial flexibility.
However, from the 1st April 2020, it is proposed that the amount of payable R&D tax credit will be restricted to three times the company’s total PAYE and NICs liability. This change will mainly penalise start-up companies so make sure to watch the video to find out why you should claim.
We at Cooper Faure believe that start-ups at the heart of innovation should not be penalised for being unable to afford to employ permanent staff, and we are campaigning against this change. Given the government’s desire to be a UK world leader in enterprise and innovation, this measure is counter-intuitive to that goal.
To make your voice heard, please sign our Parliamentary Petition here.
If you have any questions. please contact us at tax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists. If you would like to find out if you are eligible for R&D Tax Relief you can arrange a consultation for a fee of £300.00 plus VAT and enjoy our 100% success rate.
If there are any topics you would like to be covered in future videos, or in a Q+A with Jon Cooper, please let us know.
To read the latest regarding making tax digital please see our blog post here.
Here at CooperFaure we’re always trying to think of exciting new ways of how to engage with our clients. That’s why we’ve launched a video series called ‘Making Accounting Simple’ which aims to cut through the complexity of accounting.
This episode we sat down with our director Freddie Faure to talk through what Making Tax Digital means for your business and what it could mean for the future.
Stay tuned for more in depth videos from Jon and Freddie in the future!
If you have any questions. please contact us at tax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists. If you would like to find out if you are eligible for R&D Tax Relief you can arrange a consultation for a fee of £300.00 plus VAT and enjoy our 100% success rate.
If there are any topics you would like to be covered in future videos, or in a Q+A with Jon Cooper, please let us know.
Here at CooperFaure we’re always trying to think of exciting new ways of how to engage with our clients. That’s why we’ve launched a video series called ‘Making Accounting Simple’ which aims to cut through the complexity of accounting.
This episode we’ve done something a little different and sat down with our director, Jon Cooper and put the most common questions we get about R&D Tax Relief to him.
Stay tuned for more in depth videos from Jon and Freddie in the future!
If you have any questions. please contact us at tax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists. If you would like to find out if you are eligible for R&D Tax Relief you can arrange a consultation for a fee of £300.00 plus VAT and enjoy our 100% success rate.
If there are any topics you would like to be covered in future videos, or in a Q+A with Jon Cooper, please let us know.
Here at CooperFaure we’re always trying to think of exciting new ways of how to engage with our clients. That’s why we’ve launched a video series called ‘Making Accounting Simple’ which aims to cut through the complexity of accounting.
Research and Development (R&D) Tax Credits are a tax incentive designed to encourage UK companies to invest in innovation. For every £100,000 spent on R&D, there is a potential Tax Credit payment of £33,350.
However, from the 1st April 2020, it is proposed that the amount of payable R&D tax credit will be restricted to three times the company’s total PAYE and NICs liability.
If all this sounds a little complicated, watch our video to make sure you’re not missing out on tax relief.
We at Cooper Faure believe that start-ups at the heart of innovation should not be penalised for being unable to afford to employ permanent staff, and we are campaigning against this change. Given the government’s desire to be a UK world leader in enterprise and innovation, this measure is counter-intuitive to that goal.
To make your voice heard, please sign our Parliamentary Petition here.
If you have any questions. please contact us at tax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists. If you would like to find out if you are eligible for R&D Tax Relief you can arrange a consultation for a fee of £300.00 plus VAT and enjoy our 100% success rate.
If there are any topics you would like to be covered in future videos, or in a Q+A with Jon Cooper, please let us know.
Here at CooperFaure we’re always trying to think of exciting new ways of how to engage with our clients. That’s why we’ve launched a video series called ‘Making Accounting Simple’ which aims to cut through the complexity of accounting.
Making Tax Digital is the subject of our first video and it’s a really important change in accountancy. From 1st April 2019 any VAT registered business in the UK that are above the £85,000 threshold will need to submit their VAT returns from a digital platform.
If you’re already our client you don’t need to worry as we have made sure all our clients are ready for Making Tax Digital. We hope as our clients we’ve made you feel valued and informed when making your accounting decisions and if you know of anyone who could benefit from our services, especially as Making Tax Digital is only around the corner, please do let us know
Xero is our choice of digital software for Making Tax Digital with over 300,000 UK small business subscribers and over a million worldwide. Xero allows you to match incomings and outgoings automatically to accounts and bank statements as well as integrate payroll, project management and expense claim functionality. What else can it do?
• Automate calculations: Stop worrying about complicated formulas. Let Xero do the sums automatically so we can focus our time providing you with the right advice at the right time.
• View your key financials: Check your bank balances, invoices, bills and expense claims in real-time
• Bring your team together: Add as many users as you like and we can work on the same data at the same time
• Sync bank statements: Use direct banks to connect your bank account to Xero for quick and easy reconciliation
• Feel safe and secure: Rest easy, knowing that Xero provides multiple layers of data protection
If you have any questions. please contact us a tax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists. We also offer a two hour training session on Xero which includes setting up your company online. If there are any topics you would like to be covered in future videos, or in a Q+A with Jon Cooper, please let us know.