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As HMRC have experienced an increase in the number of SME Research & Development (R&D) tax relief claims being made by companies, so have they witnessed a number of fraudulent claims being made. To tackle this abuse, HMRC have established a tax credit compliance team to deal with R&D enquiries.   If a company receives…

As the online application process for the 2023 Basic Payment Scheme opens tomorrow, and the application process for Countryside Stewardship (Higher Tier) is already open, please find a summary of the key dates for agricultural subsidies below. Basic Payment Scheme: 14th March 2023 – applications open 15th May 2023 – applications close 9th June 2023…

Our offices are now closed for the Easter break and will re-open on Tuesday 11th April 2023. We hope that you all have a wonderful Easter break.

With many businesses seeing a return to pre-pandemic trading levels, now is an ideal time to review your SME’s VAT status.   Businesses must compulsorily register for VAT where ‘VAT-able’ supplies (which is usually, but not always, your turnover), on a rolling 12 month basis, exceeds £85,000. Voluntary registration, however, can take place with turnover below this…

The flat rate VAT scheme is available to any business with taxable annual sales of £150,000 or below, excluding VAT. It was introduced in 2003 to ease the administration needed for small businesses by simplifying the VAT return process. Once you have joined the scheme you can remain until your total VAT-Inclusive business income exceeds…

We are extremely proud to have been headline sponsors for this years’ Fenland Business Awards which was hosted at the Braza Club in March. The event was a celebration of the successes of individuals and businesses operating in the Fenland region, ranging from apprentices and charitable organisations through to large and well established companies.  …

What is blocked input tax?  Blocked input tax is VAT that cannot usually be recovered.   The most common type of blocked input tax is VAT on business entertaining. There are usually two types of entertainment expense incurred by a business and it is very important to distinguish between the two because the VAT treatment…

On 1st April 2023, VAT celebrates its 50th anniversary since it was first introduced in 1973. VAT is a tax placed on a product or service at each stage of its production and distribution. VAT is an important source of revenue for the Government.   The History of VAT VAT was first introduced in France,…

As I am sure we are all aware HMRC are able to open investigations into the accuracy of tax returns, VAT returns, payroll, etc via targeted, or random, tax enquiries. With an ever increasing budget deficit I fully expect HMRC to raise more enquiries this year to increase tax revenues. You will want to be…

From 6th April 2023, HMRC will no longer accept paper P11D and P11D(b) forms. All submissions, for the 2022-23 tax year onwards, will have to be made through HMRC’s PAYE Online Services or commercial payroll software.    This change also affects how amended P11D and P11D(b) submissions must be made. Historically, amendments could only be…