by Paul Whyatt | Nov 5, 2021 | Business Advice, Business Start-up, Taxation
Research and development tax reliefs can be very generous for small companies, giving a deduction of 230% of qualifying costs. However, the categories of expenditure which qualify for R&D relief were defined over 20 years ago and do not include costs of a typical...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Taxation
In the March 2021 Budget, the Chancellor announced a superdeduction scheme that provides a 130% deduction for the cost of new plant or equipment if it is purchased by a company before 1 April 2023. Expenditure on other new assets, such as fixtures and integral...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Taxation
The national living wage (NLW) will rise to £9.50 per hour for pay periods starting on and after 1 April 2022 along with the other national minimum wage rates. Since 6 April 2021, the NLW rate has applied to workers aged 23 and over. The apprentice rate will rise...
by Paul Whyatt | Nov 4, 2021 | Business Advice, Business Start-up, Taxation
If you’re a business that uses freelancers, you should be careful to nail down their employment status from the start. Some of the key issues to consider are illustrated by a recent tax case taken to the First-Tier Tax Tribunal (FTT) – the case of Phillips v...
by Paul Whyatt | Oct 1, 2021 | Business Advice, Taxation
Here are the key things HMRC expects you to do when employing staff for the first time. Decide how much you are going to pay your employee. You must pay your employee at least the National Minimum Wage. Check if someone has the legal right to work in...
