Latest Business Tax

Until inflation is under control, HMRC have no option but to adjust their interest rates in accordance with changes decreed by the Bank of England.   There are two rates to consider, both linked to the Bank of England base rate: Late payment interest, set at base rate plus 2.5% Repayment interest, set at base…

HMRC have delayed the introduction of the claim notification forms and additional information requirements regarding Research & Development (“R&D”) tax claims by a week due to delays in Finance Bill timetabling.   Originally due to come into effect on 1 August 2023, the Relief for R&D Regulations 2023 will now be put into law on…

The Chancellor, Jeremy Hunt, has confirmed that the Autumn Statement is scheduled for 22 November 2023. This will give the Chancellor the opportunity to set out future tax plans and give some indication of whether there are likely to be any potential tax cuts before the general election, which must be held before the end…

As of 31st May 2023 certain VAT-registered businesses are now able to arrange VAT payment plans directly with HMRC via their online account.   HMRC – Set Up A VAT Payment Plan   Businesses will be eligible to set up the payment plan online if: the latest VAT return has been filed; the total amount…

It always used to be the case that HMRC inspections were decided by a business’s background including size, compliance, complexity etc. Many VAT inspections now, however, are based on information from a data system which HMRC call “Connect”. Instead of HMRC relying on information provided by businesses on VAT returns, Connect draws on statistics from…

Although it has been with us since 1999, IR35 tax rules will probably be unfamiliar to most readers. These anti avoidance rules were introduced to stop workers reducing their taxes by structuring their affairs to get paid via their own personal service company. Where ‘caught’ by IR35, such arrangements would then collect the same amount…

Whether you are self-employed, run a business, are a property landlord, an investor or have overseas income and gains, mistakes can occur when dealing with your taxes, reporting and making the relevant disclosures to HM Revenue and Customs (HMRC).   Whilst the idea of making mistakes and errors can be worrying and of concern, so…

With the UK tax system as complicated as ever, there are certain rules which we come across that can very easily give a particularly unexpected (and unpleasant) consequence. Income Tax When either parent has taxable earnings over £50k (after personal pension contributions), entitlement to child benefit is reduced. As higher rate income tax starts at…

In light of the increase to corporation tax rates, effective 1 April 2023, you may be considering how to reduce your corporation tax liabilities. One option is purchasing a car through your limited company – the key points to consider in your decision are as follows.   Investment allowances on purchases of motor cars: First…

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…