Exempt Start-Up Businesses from the SME R&D Tax Credit Payment PAYE Restriction
PLEASE ACT NOW! 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 […]
The Risks of the Proposed Changes to R&D Tax Relief for Small and Medium-Sized Enterprises
As ever, the Budget speech contains a quick reference to changes to the tax regime and it takes a detailed review the full Budget 2018 report to understand the true implications. This newsletter, the first of three, looks at the proposals for changes R&D tax relief for small and medium-sized enterprises. The Treasury opines that […]
2018 UK Budget – Bite-Size Summary
In the 2018 UK Budget, the Chancellor of the Exchequer, Philip Hammond, was able to make some eye-catching announcements including: The increase in the tax-free Personal Allowance to £12,500 from April 2019, a year ahead of the manifesto commitment; The increase in the Higher Rate Threshold to £50,000 from April 2019, again, a year ahead […]
2018 UK Budget – Monday 29th October – CooperFaure Will Bring You All The News
The UK Chancellor of the Exchequer, Philip Hammond, has announced that the 2018 Budget Statement will be presented on Monday 29th October. As Brexit looms closer and with Theresa May announcing that “austerity is over” and pledging a major uplift to the NHS budget, the Treasury is under real pressure. Measures that are said to […]
Disguised Remuneration – The Loan Charge is Drawing Close
The 2016 Budget included a clause on future measures to tackle the current and historic use ‘disguised remuneration’ schemes. These are generally schemes that involve individuals being paid in loans through structures such as an offshore Employee Benefit Trust (EBT) or Contractor Loans. In both instances, whilst the loans are theoretically repayable, the Loan Agreement […]
Paying Your Self-Assessment Tax Through Your PAYE Tax Code
As the deadline for the paper filing of the 2017-18 approaches at the end of October, one frequent question that we asked is “I am paid a PAYE salary and owe less than £3,000 in tax on my self-assessment, so why can’t I pay my tax through my tax code?” On the face of it […]
HMRC Deadline for Declaring Offshore Assets is Approaching
The deadline to declare under the Requirement to Correct (RTC) legislation is fast approaching. RTC is the statutory obligation for UK taxpayers with overseas assets to correct any issues with their historic UK tax position. Those who fail to comply by 30th September 2018 face potentially severe financial penalties. RTC applies to any taxpayer with […]
VAT and Duty on Dispatching Goods Within The EU
Dispatching goods within the European Union (“EU”) is relatively straightforward as the EU operates under a single market which guarantees four key freedoms across the twenty-eight members states. These are the free movement of goods, capital, services and persons. Whilst the Brexit negotiations are far from concluded, it seems that the UK government is looking […]
Venture Capital Schemes – The Risk-to-Capital Condition
For companies looking to raise funds based by a venture capital scheme and for investors looking to benefit from the tax relief, HMRC have introduced a key new condition – the risk-to-capital. This condition is being applied to the Seed Enterprise Investment Scheme (SEIS), the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT). The […]
The Dangers Of The HMRC Consultation On IR35 In The Private Sector
The HMRC is part way through a major consultation on the reform of off-payroll working, aka IR35, in the private sector which ends on 10th August. Their premise is that two people undertaking the same work, one employed and one working as a contractor working through their own Personal Service Company, end up “paying very […]
