HMRC Tax Receipts 2021/22 – A quick breakdown and summary

HMRC Tax Receipts 2021/22

Latest HMRC tax receipts show that the UK Government has collected £718.2bn in the fiscal year 2021-22. This is an increase of 23% compared to 2020-21 where tax receipts collected was £584.5bn and an increase of 13% compared to 2019-20 (pre-pandemic) levels where tax receipts were £633.4bn. These are staggering figures, so soon after lockdown […]

Spring Statement 2022 – Full In Depth Look

Spring Statement 2022

The Chancellor presented two Budgets in 2021 in which he set out a great many details of the tax rates and rules that will apply until April 2026. The 2022 Spring Statement was expected to review the economic situation and adjust forecasts. It was not supposed to include anything significant about tax. Of course, things […]

Spring Statement 2022: What it means for the cost of living crisis

Houses Of Parliament

Having previously announced financial assistance to help with the growing cost of living crisis by way of, £150 reduction in council tax (for eligible households) and £200 towards energy bills (albeit repayable over 4 years), totalling £350 for households up and down the country. The Chancellor of the Exchequer announced further measures in his spring […]

Making Tax Digital for VAT comes to effect on 1st April 2022

Making Tax Digital

From 1st April 2019 most VAT registered businesses with a taxable turnover above the threshold of £85,000 were required to sign up to “Making Tax Digital” (MTD). This requirement to sign up to MTD is extended from 1st April 2022, to cover all VAT registered businesses whether or not their taxable turnover is over £85,000. […]

The Inheritance Tax residence nil rate band – are you sure you qualify?

Inheritance Tax Planning

From 6 April 2017, the standard inheritance tax nil rate band, which is currently £325,000, was enhanced by an additional “residence nil rate band” (RNRB). This was designed to be fulfilment of the Conservative party’s promise to increase the inheritance tax nil rate band to £500,000 per individual or £1 million per couple. The RNRB […]

What HMRC giveth, HMRC taketh away…

HM Revenue & Customs

HMRC enquiries into R&D claims are on the increase. In March this year, HMRC proudly announced the creation of their R&D task force. Its job is to undertake enquiries into R&D claims that companies have made to ensure that they are not fraudulent or incorrect. Sure enough, in recent months we have noticed a marked […]

R&D Tax Relief – a Q&A with Friend Partnership

space technology

Innovative SMEs can secure valuable tax relief through the R&D Tax Relief scheme. David Gillies, Head of Tax at Birmingham accountants Friend Partnership, offers expert R&D tax advice to help you understand how your business can benefit. Can you tell us more about R&D tax relief and how it works? The R&D relief rules are […]

Theatre Tax Relief – a Q&A with Friend Partnership

Theatre and lighting

Theatre Tax Relief is a valuable, and often under-used, tool for theatre production companies. David Gillies, Head of Tax at Birmingham accountants Friend Partnership, provides an insight into how theatre tax relief works, and what production companies need to bear in mind to maximise the tax relief. Could you tell us a bit about the […]

Tax efficient employee incentives

people high five

All businesses are reporting increased competition for securing and retaining the services of key individuals. Friend Partnership look at tax efficient employee incentives that are available following recent changes to HMRC rules, and why businesses should consider being flexible to attract potential employees. The remuneration policy of any business will be an important element for […]

Brexit and the tax implications – advice for business owners

View of londons bridges

Friend Partnership look at the potential tax implications post-Brexit and gives proactive advice on what to look out for in the upcoming negotiations. It would perhaps be an understatement to say that there is still considerable uncertainty surrounding the potential financial and tax implications of Brexit for individuals and companies. This uncertainty makes it very […]