In the Chancellor’s Budget on 27 October 2021 it was announced that the planned date for reducing the Annual Investment Allowance limit from £1m to £200k is being extended from 1 January 2022 to 31 March 2023. This will effect businesses who are planning on investing more than £200k in plant and machinery from January…
A tax tribunal has made a landmark ruling against HMRC, by declaring that the construction taxpayer (Quinn) was validly entitled to claim SME research and development (R&D) tax relief totalling approximately £1m, even though this work was specifically undertaken to order for a customer, which would normally mean the ‘subsidised’ rule would prohibit eligibility under…
When COVID directly impacted upon the UK in Spring 2020, the Government introduced a range of measures specifically targeted to help SME businesses survive the expected period of financial strain. Such businesses should now be planning ahead for when this support is gradually withdrawn: 21-Jun-21 Deadline for arranging with HMRC when to repay COVID related…
From 1 October 2021, to be eligible to apply for public sector contracts over £5m pa, suppliers must have Net Zero Carbon Reduction Plans in place. These will be required to demonstrate a commitment to achieving Net Zero by 2050 in the UK: Taking Account of Carbon Reduction Plans in the Procurement of Major Government…
In what was seen my many as a Budget lacking in ideas to kick start the economy back into life, Rishi Sunak’s announcement of a notional 30% uplift to eligible capital allowances headlined as the proverbial ‘rabbit out of the hat’. The tweaked allowances will give businesses purchasing brand new plant and machinery more tax…
VAT registered businesses working within the construction sector should be aware that new domestic reverse charge VAT administration rules are being introduced wef 1 March 2021 (delayed from original October 2019 launch date). The Government announced in the 2018 Budget that they are trying to reduce missing trader fraud; where builders collect VAT from their…
After many years of perceived abuse, the Government has announced that they are soon to introduce new laws to require stricter, independent, scrutiny (by an ‘Evaluator’) where connected parties purchase a failed business out of administration (a Pre-pack). In announcing the move, the government said that while pre-pack administration sales are widely considered to be…
As the country starts to emerge from the Coronavirus pandemic where many businesses have simply been striving to survive, the new focus is likely to become one of growth. Many bodies and institutions around the world are therefore looking to offer help in bringing the economy up to full speed again and ensuring that it…
While the Coronavirus pandemic holds our attention it is easy to overlook other changes taking place in its shadow. From 1 June 2020 new electrical safety regulations have come into force which apply to all new lettings of dwellings; from 1 July 2020 (tomorrow!) the regulations will be extended to cover all existing lettings of…
HMRC has announced that the domestic reverse charge on constructions services, which is due to come into effect on 1 October 2020 has been delayed until 1 March 2021. This will be welcome news as it provides businesses with additional time to prepare for the introduction of these new rules. At Whiting & Partners…