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1-Apr-23: Changes to R&D tax relief
From 1 April 2023 there are a few changes to the ‘super-generous’ R&D tax relief rules: The Research and Development Expenditure Credit (RDEC) rate will increase from 13% to 20%, The SME additional deduction will decrease from 130% to 86% and the SME tax credit (surrender) rate will decrease from 14.5% to 10%. Additional costs…
Reducing your Inheritance Tax bill
With levels of inflation and house prices currently being so high, the value of your estate may be increasing exponentially when compared with the value of the long-frozen Nil Rate Band. This could mean more than ever that a portion of your estate may be stolen away through Inheritance Tax at 40% when you pass…
HMRC: New advisory fuel rates
HMRC have released their latest Advisory Fuel Rates to be used from 1st March 2023. These rates should be used when you:- reimburse employees for business travel in their company cars need employees to repay the cost of fuel used for private travel You must not use these rates in any other circumstances.…
2021/22 Self Assessment Unpaid Tax & surcharges
If you cannot pay your Self Assessment tax bill that was due for payment on 31st January 2023 and need help you should contact HMRC as soon as possible. For Self Assessment, you may be able to set up a payment plan online. This will enable you to pay your Self Assessment tax bill in instalments without…
Pay your tax before 3 March: Avoid a 5% penalty
If you owed tax for the 2021/22 tax year, which should have been paid by 31 January 2023, and some or all of this is still outstanding, then HMRC will charge a penalty if: They do not receive payment by midnight at the end of 2 March 2023 and you do not agree a Time…
Paid enough National Insurance to get your State Pension?
In order to qualify for a full State Pension at retirement age you need to have paid 35 years’ worth of National Insurance Contributions. If you are Self Employed you usually achieve this by paying Class 2 and Class 4 National Insurance when your profits are more than £11,908 a year. If your profits,…
Calling all new property landlords!
HMRC have guidance on their website to assist landlords, that now includes a couple of useful webinars, which you can find here: https://www.gov.uk/guidance/help-and-support-for-landlords. This is however just a general overview and, as there are many aspects of letting businesses which are not clear, we would always suggest getting advice from the outset. Failure to…
Pre 5th April tax planning ideas
As we approach another tax year end our thoughts turn to any tax planning that can be undertaken. You can find a link to our tax planning guide as a reminder of the basic planning opportunities to be considered each year. But with a Budget looming on 15 March 2023, it would be prudent to…
Sky rugby commentator wins IR35 appeal
Former rugby player and Sky commentator, Stuart Barnes, has won his £695k appeal against HMRC. HMRC determined his contract for Sky from 2013 to 2019 should be subject to Income Tax and National Insurance. Using previous case law, it was agreed there was mutuality of obligation (MOO) and a sufficient degree of control by…