Existing Energy Support for Businesses To End

Image of an electricity pylon

With the current Energy Bills Discount for businesses expiring, what support is being offered beyond March 31st 2023 Having previously said that the unprecedented support was “time-limited”, HM Treasury announced that the £18.4bn, six-month energy support scheme was to end for businesses, to be replaced by a less generous £5.5bn energy bills support scheme running […]

Another deferral to the mandatory implementation of Making Tax Digital for Income Tax Self Assessment (MTD ITSA)

Making Tax Digital for Income Tax Self Assessment

Understanding that self-employed individuals and landlords are currently facing a challenging economic environment, and the transition to Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) represents a significant change to taxpayers and HMRC for how self-employment and property income is reported, the government is giving a longer period to prepare for MTD. The mandatory use of […]

Changes to Dividend income – Autumn Statement 2022

Changes to dividend income

In March 2022 when the Chancellor at the time, Rishi Sunak delivered his Spring Budget, the tax rates on dividend income over £2,000 were increased to correspond to increases in National Insurance Contributions (NICs) taking effect from 6th April 2022 and the Health and Social Care Levy (HSCL) that was to have applied to earned […]

R&D Tax Credit Fraud Is On The Rise

Research and Development Tax Credits

Lord Turnbull, former Cabinet Secretary under PM Tony Blair and current crossbench peer in the House of Lords says of the recent spike in claims of tax credits “This is a major financial scandal…What we have is a system which is basically a help-yourself”. “There is no way that R&D has grown 50% compound for […]

Changes to the Research and Development Schemes – Autumn Statement 2022

Autumn Statement 2022

The Corporation Tax system encourages R&D via two different schemes. At present the enhanced expenditure scheme for small and medium-sized enterprises increases qualifying expenditure by 130%, so that for every £100 spent, the company enjoys a deduction of £230 from taxable profits. When applied, this may create a loss or further increase a loss for […]

Autumn Statement 2022 – Full In Depth Look

Autumn Statement - Houses Of Parliament

When the Chancellor of the Exchequer makes a fiscal statement to Parliament – whether it is called a Budget, a mini-Budget or an Autumn Statement – the headlines are in the speech and the details are in the Treasury Red Book that is published on the internet when he sits down. In normal times, it […]

<strong>Stamp Duty Land Tax: Corporate Bodies</strong>

Stamp Duty Land Tax

Stamp Duty Land Tax (SDLT) is charged at 15% on residential properties costing more than £500,000 bought by certain corporate bodies or ‘non-natural persons’. These include: The 15% rate does not apply to residential property bought by a company that is acting as a trustee of a settlement. These bodies may also need to pay Annual […]

A Brief summary of “Fiscal Event” delivered by the Chancellor

Houses of Parliament

Here is a brief summary of today’s “Fiscal Event” delivered by the Chancellor. Business Support and Growth The Chancellor has stated that growth is not as high as it should be and “This has made it harder to pay for public services requiring taxes to rise, in turn higher taxes on capital and higher taxes on […]

Capital Investment in Solar Energy Finally Makes Financial Sense

Solar Panels on roof of commercial building

The increase in energy prices has prompted more and more businesses to consider whether it makes sense to invest in solar panels. The practicalities are simple enough. All that is required is to determine whether there is sufficient roof space on the commercial premises to start generating solar energy. Owing to advancements in solar technology […]

R&D Tax Relief reforms. What do they mean for your company?

Research & Development

Coming on the heels of the introduction of HMRC’s R&D taskforce, It comes as no surprise that the recently published draft R&D legislation includes many provisions to tackle abuse of the system. HMRC is all too aware that some unscrupulous individuals have set themselves up as R&D specialists without any actual knowledge of the rules […]