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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.
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.
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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 ever wondered whether there is an element of your business activity that would qualify for R&D tax relief, please contact us a tax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists.
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 HMRC has prevented fraudulent claims totalling £300m under the SME R&D Tax Credit scheme. This scheme enables a qualifying loss-making company to receive a tax credit payment. However, there is no reference to the timeframe that the £300m covers.
To counter this, the proposal is that, from the 1st April 2020, the amount of payable R&D tax credit will be restricted to three times the company’s total PAYE and NICs liability for that year. The government will hold a consultation on this proposal.
Let us be clear, there is without doubt an element of fraudulent claims under the SME R&D Tax Credit scheme. We have heard horror stories. The current ‘no win, no fee’ culture of many service offerings combined with a lack of transparency has enabled a small number of disreputable providers to thrive.
However, for the start-up, contracting out innovation work when finances allow rather than employing staff often makes business sense. The ability to recover 33.5% of qualifying spend as a payment from HMRC that often only amounts to a few thousand pounds but can provide vital oxygen to move the business to the next stage.
At a time when the aim is for Britain to lead the world in technological innovation, we strongly oppose this proposal and will be outlining our views in the consultation.
SME is such a broad term covering business with between 0 and 249 employees. In 2017, there were 5.695 million businesses in the UK of which over 99% were SMEs and 5.5 million businesses were classed as micro-businesses with between 0 and 9 employees and only 24% were employers.
The real scandal is that, according to official statistics, in the 2016-17 tax year, there were just 33,880 claims made under the SME R&D scheme. Are we really saying that less than 1% of SME businesses are undertaking any R&D?
From our client portfolio, roughly 25% have an element of qualifying R&D across a wide profile of business sectors. Indeed, at CooperFaure we have made our own successful R&D tax relief claim.
Fraud is serious and we fully support a considered approach to effectively combat it. However, the proposal of an arbitrary arithmetic formula to combat it smacks of laziness and the pervading law of unintended consequences will stifle innovation.
£300m is a significant amount. However, in 2016-17, the tax credit element within the 33,880 claims totalled £1,820m and, on the most conservative estimates, this means that £10 billion of R&D tax relief entitlement has gone unclaimed.
At CooperFaure, we are on a mission to demystify, simplify and educate on the generous UK tax incentives to support business innovation.
If you have ever wondered whether there is an element of your business activity that would qualify for R&D tax relief, please contact us a tax@cooperfaure.co.uk arrange an initial consultation with one of our team of specialists.
In the 2018 UK Budget, the Chancellor of the Exchequer, Philip Hammond, was able to make some eye-catching announcements including:
However, as ever, there some announcements which will adversely impact a wide cross-section of tax payers – changes to the off-payroll working in the private sector, Entrepreneurs’ Relief, R&D tax relief for small and medium-sized enterprises and to Letting Relief and the final period exemption in calculating the Capital Gains Tax private residence relief.
Our newsletter in the morning will explore these changes in more detail.
In the meantime, if you have any questions on the 2018 UK Budget, please contact us at tax@cooperfaure.co.uk.
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 be under consideration include an effective increase in Income Tax by freezing the Personal Allowance and Higher Rate threshold, reducing the VAT compulsory registration threshold from £85,000, cutting the annual tax-free pension allowance from £40,000 and targeting contractors working in the private sector through Personal Service companies.
At CooperFaure, we will once again be providing a live Twitter feed followed by two newsletters, one that afternoon highlighting the key announcements and another on Tuesday morning looking behind the statement into the detail of the Budget Report. Invariably, there will be a devil buried in the detail!
If you have any questions or concerns that arise from the 2018 Budget, please contact us at tax@cooperfaure.co.uk.
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 is drawn up in a such a way to ensure that, in reality, these loans are never repaid.
The clause ended “…this will include a new charge on loans paid through disguised remuneration schemes which have not been taxed and are still outstanding on 5th April 2019.”
Two years on and this date is drawing close, especially considering that it is the last date of the current 2018-19 tax year.
The HMRC has assured everyone that submitted their information to request a settlement by 30th September that “you will receive a response which will allow you sufficient time to settle ahead of the April 2019 Loan Charge”.
The question is what constitutes “sufficient time”? In our view, this has to a minimum of three months. In practice, this means that HMRC need to issue settlement offers before the Christmas holiday season.
In a landscape dominated by Brexit, we have a real concern as to whether this is going to be achievable by HMRC and to what the implications will be if a loan is outstanding on 5th April 2019 despite the best efforts of the tax payer. From this perspective, we are looking to the Budget at the end of the month to see if there is any movement on this.
On the settlement terms, faced with the real prospect of families being driven into bankruptcy, there has been a softening in tone from HMRC.
For someone with current earnings of up to £50,000 and who is no longer participating in a tax avoidance scheme, you can request time to pay of up to five years without needing to provide detailed information on your circumstances.
If your income is higher or you need a longer payment period, HMRC say “we will work with you to agree a suitable arrangement”.
At CooperFaure, we are representing a number of clients working under a raft of these schemes. If you are concerned about your situation, please contact us at tax@cooperfaure.co.uk for a free and informal consultation.