by Paul Whyatt | Feb 6, 2024 | Business Advice, Business Start-up, Business Tax, Taxation
HMRC has introduced two new measures to tackle the rise in fraudulent research and development (R&D) claims. Claim notification form For accounting periods beginning on or after 1 April 2023, a digital pre-notification form is required to inform HMRC in advance of...
by Paul Whyatt | Mar 30, 2023 | Business Advice, Business Start-up, Business Tax
Last Autumn the Chancellor cut the enhanced deduction for expenditure by SME companies on R&D projects from an extra 130% to 86% and the payable tax credit from 14.5% of the loss surrendered to 10%. These new rates will come into effect for qualifying R&D...
by Paul Whyatt | Mar 9, 2022 | Business Advice, Business Start-up, Business Tax
Each year, the government reviews the level of earnings at which employers must include their employees in statutory pension schemes. So, what’s the plan for tax year 2022/23? All employers have to comply with auto-enrolment if they have any employees who meet the...
by Paul Whyatt | Jan 7, 2022 | Business Advice, Business Start-up, Other Insights
To all intents and purposes, the UK left the EU on 31 December 2020. However, some changes to rules were delayed in order to ease the transition. From 1 January 2022, there are additional customs rules to be aware of for businesses trading with the bloc. What’s...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Business Start-up, Personal Tax
The tax payable on dividends is set to rise from 7.5% to 8.75% for basic rate taxpayers from 6 April 2022. Higher rate taxpayers will pay 33.75% (currently 32.5%) on dividends and additional rate taxpayers must budget for dividend tax of 39.35% (currently 38.1%)....
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...
