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Don’t get de-banked!

Why do businesses get de-banked?   MP’s on the Treasury Committee have recently looked at an issue that has been creeping up on some SME’s recently and causing real problems – where your bank shuts your account without your instruction and without warning.   The committee have discovered that this has occurred 130,000 times over…

Spring Budget 2024: For Businesses

Spring Budget 2024, a Budget to lower taxes and achieve higher growth.   The Chancellor has announced that there is good news for the economy, with the Office for Budget Responsibility (OBR) confirming that inflation is currently at 4% and is likely to reduce below the Governments target of 2% in the next few months.…

R&D tax relief changes: Disclosure rules delayed to 8 August.

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…

R&D tax relief : HMRC enquiries are on the rise

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…

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…

e-signatures: Are they legal?

As we continually move from the analogue to the digital age, approving business documents by e-signature is becoming evermore common place. In response to this, The Law Society have just issued an updated practice note. This practice note sets the scene by recognising that e-signatures can be in various forms: name typed on a document…

R&D tax relief: Claims are changing

Many businesses invest in science and technology research and development to improve their competitiveness. The UK Government encourages companies to develop new processes, products and services, as well as improvements to existing solutions by giving tax relief as a proportion of qualifying R&D expenditure. From April 2023 there are a few changes to the rules:…

R&D Tax credit repayment delays

The Chartered Institute of Taxation (CIOT) has been asked by HMRC to share the message below about the recent pausing of Research & Development Tax Credit (RDTC) payments with their members.   Message from HMRC: “We previously notified agents that we have paused some Research & Development Tax Credit (RDTC) payments while we investigate an increase…

R&D tax relief: New anti-abuse rules

As R&D tax relief rules are arguably the most generous on the UK tax statute book, it is perhaps no surprise that HMRC consider that there is much abuse going on. For every £1 that a corporate taxpayer claims as an eligible R&D spend, their corporation tax bill is reduced by 43.7p (ie, not the…

Should your company have a ParentCo?

If you operate a trade through a limited company, and your ‘numbers’ are big enough, then there are some scenarios where it is often best advice to insert a parent company above this trading company, to create a simple group structure: As a risk management measure, to enable valuable assets (eg business premises, investment property,…