Latest blogs for Specialisms

Are you building a new home in which you will live?   Perhaps converting an existing building into a home?   You may be able to get the VAT back – you don’t even need to be VAT registered!   When you purchase a brand new house from a property developer you will not be…

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…

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…

What is the Annual Allowance (AA) The AA is the maximum that can be saved into all of your pension pots in any one tax year before incurring a tax charge. For the current 2022/23 tax year the annual allowance is set at £40,000. Every tax year your annual allowance is compared to your pension…

The ever-changing farming industry is one that provides a multitude of complexities for accountants and tax advisers, not only from the day to day aspects of the business, but also with the historical family arrangements to the issues of ownership and succession.   With the forthcoming changes to subsidies both in terms of the conditions…

Owners of commercial properties that do not have an Energy Performance Certificate (EPC) rating of ‘A’ to ‘E’ will need to carry out sufficient works to urgently improve the rating before 1 April 2023, unless specifically exempt. Whilst not directly tax or accountancy related, this change is affecting a lot of landlord clients. The current…

Annual tax on enveloped dwellings (ATED) is an annual tax charge payable by companies, partnerships (with at least one corporate partner) and certain collective investment schemes that own UK Residential properties exceeding £500,000.   Revaluation dates For ATED purposes, properties need to be revalued at fixed revaluation dates, regardless of when the property was acquired.…

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…

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…