New reforms will affect companies claiming tax relief or credits on research and development (R&D) expenditure for accounting periods beginning on or after 1 April 2023. Currently, R&D tax relief for small or medium-sized enterprises provides an extra 130% deduction […]
Before the current tax year ends, it’s worthwhile asking yourself ‘have I utilised all tax allowances and exemptions available to me, my family, and/or business?’. To help you we’ve outlined 18 opportunities that may be available for personal and for […]
The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. However, plant and machinery installed in the common areas of blocks of flats such as hallways, stairs and lift shafts would qualify as […]
The UK Prime Minister announced, on 7 of September, that the government will introduce a new 1.25% levy to provide an extra £12 bn a year to support the NHS and social care. From April 2022 it is proposed that […]
As the result of recent increases in petrol and diesel prices, HMRC has increased the advisory fuel rates that apply for the reimbursement of employees’ private fuel for their company cars. The same rates apply when the employer reimburses employees […]
New HMRC data shows that in 2019/20, £9.9 billion of capital gains tax (CGT) liabilities were created. Source: HMRC In July last year, the Chancellor unexpectedly asked the Office of Tax Simplification (OTS) to review “capital gains tax (CGT) and […]
The off-payroll working (IR35) tests are still relevant despite the blanket approach often in place regarding contractors’ employment status. They must always be applied if you are contracting for a small organisation. Two recent decisions in the Upper Tribunal closely […]
Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached. The contributions are also deductible for the employer, provided incurred wholly and exclusively for […]
HMRC is currently attacking a marketed tax avoidance scheme using unfunded pension arrangements to avoid Corporation Tax, Income Tax, and National Insurance contributions. HMRC strongly believes these arrangements do not work and will seek to challenge anyone promoting or using […]
The outcome of a recent High Court case is a warning for anyone challenging a will. As inheritances become more valuable, the number of disputes about wills have increased. Court cases rose by almost 50% to 188 in 2019 compared […]
There are various tax advantages to a rental property being treated as a furnished holiday letting, but inheritance tax (IHT) business relief is generally not one of them. Even though the law supports HMRC’s view, property owners regularly appeal against […]
Contractors have turned to umbrella companies as a hassle-free way of providing their services to clients following the recent changes to the off payroll working rules. They receive no tax savings, but pass on some administration and pay less than […]
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