How your Covid-19 claims could affect your R&D tax credits
We are expecting HMRC to challenge future claims for Research and Development tax credits on the basis of claims made under the various Covid-19 support schemes. This is because subsidies and grants will affect eligibility for R&D tax credit claims. RDP has reviewed the main COVID-19 government assistance programmes and commented on this below. The […]
Coronavirus (COVID-19) Business Interruption Loan Scheme Guidance
Further to our Government Support guide the British Business Bank have now issued their guidance as to eligibility criteria for businesses wishing to access the Coronavirus Business Interruption Loan Scheme (CBILS) as follows: The British Business Bank qualifying criteria for the loan scheme mean businesses must: • Be UK based, with turnover of no more […]
Coronavirus (COVID-19): Planning for business recovery
With COVID-19 developing uncertainties and businesses concerned about the current and future impact of the behaviour changes across the UK, businesses of all sizes need to consider the potential impact on their activities and finances and plan accordingly. On Thursday 17th, Rishi Sunak as Chancellor announced a package of support for businesses ranging from supporting […]
Entrepreneurs relief changes expected in Spring budget
As widely published there are expected to be changes to the well known capital gains tax relief known as entrepreneurs relief. Designed to incentive the entrepreneurial spirit by allowing a 10% tax on gains accumulated on the sale of qualifying shares and activities the incentive has become synonymous with those with a higher net worth. […]
R&D tax credits: Claims to be limited from April 2020
Why HMRC elected to bring back PAYE/NIC cap for R&D tax credits and what does this mean for your claim? As things stand, R&D tax credits are available to loss making companies with relevant qualifying expenditure at a rate of 14.5%. This means that small and medium sized businesses making a taxable loss are currently […]
Tax Planning: Annual Investment Allowance set to reduce
The annual investment allowance (AIA) is a capital allowance which allows a 100% tax deduction for qualifying expenditure (most expenditure which qualifies for capital allowances) incurred in an accounting period. This relief is normally capped at £200,000 per annum but was temporarily increased to £1,000,000 for each of the two years ended 31 December 2020, […]
Changes to off-payroll working rules (IR35)
There are some important changes to employment taxes coming into effect from 6 April 2020. Are you affected? You are affected by the changes to the off-payroll working rules (IR35) if: You are a contractor who works through an intermediary, e.g. your own limited company, often known as a personal service company (PSC), and You […]
No company car tax from April on pure electric vehicles
HMRC rules from 6 April 2020 mean that company car drivers choosing a pure electric vehicle will pay no benefit-in-kind (BIK) tax in 2020/21. In its long-awaited response to the review of WLTP and vehicle taxes, HMRC has removed the previously published BIK rates for 2020/21. Standing in their place it has created two new […]
‘Tis the season for trivial benefits
With the season of goodwill upon us our tax team look at a little known and little utilised tax saving, known as trivial benefits. Trivial benefits is a mechanism whereby employees and/or directors can be given trivial benefits such as vouchers or maybe even office pizzas. The benefits are limited to £50 per person in […]
HMRC issues tax return scam warning
Taxpayers who have yet to submit their 2018/19 tax return through self-assessment are being warned about fraudulent scams. HMRC has warned millions of taxpayers to be on their guard ahead of the deadline at midnight on 31 January 2020. Over the last year, the Revenue received almost 900,000 reports from members of the public about […]
