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 […]
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 […]
Restricting Finance Cost Relief for Individual Landlords
Policy objective The government have begun the restriction on the amount of Income Tax relief landlords can get on residential property finance costs, such as mortgage interest, to the basic rate of tax. This is due to their belief that this method will make for a fairer tax system. This will ensure that landlords with […]
Enterprise Investment Scheme (EIS)
Within this newsletter we inform you on what an Enterprise Investment Scheme is, who they affect and whether you are eligible to utilise them. EIS provides the investors with a tax relief on their investment and has been made available by the government to aid growth. The investors receive a tax relief for the […]
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 […]
When does a Company Director need to File a Self-Assessment Tax Return?
As we reach halfway through the 22nd self-assessment tax return filing season, we still find that some of the most basic questions need a bit of thought before answering. This is especially prevalent when considering the tax obligations of a company director. How would a company director know if they need to file a self-assessment […]
What is the latest regarding Making Tax Digital?
Within this newsletter we will share the latest updates on Making Tax Digital (MTD) including who it will affect, how to ensure you are compliant and who are the MTD-compatible software suppliers. MTD was originally postponed, however the mandatory start date for MTD for VAT has been set, 1st April 2019. This requires any UK […]