In the intricate landscape of business operations, few tasks hold as much weight as payroll management. Whether a company is large or small, this process involves a delicate balancing act: calculating employee pay, managing taxes, and adhering to various rules and regulations. However, the modern business landscape poses a challenge: the complexity of today's payroll systems, combined with ever-changing tax laws, can become challenging. Let's explore when you should start thinking about outsourcing your payroll.
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Interest rate rises have recently made headlines for all sorts of reasons, sparking discussions about their impact on society and the economy – will higher rates curb inflation? Who stands to gain the most? What will happen to my mortgage? What has gone somewhat unnoticed until recently, however, is the increase in interest income that many will now be getting on their account balances in savings and current accounts, and what it means for your tax liability.
In an effort to address abuse and non-compliance of the R&D tax relief scheme, HMRC has introduced new claim notification and additional information forms. These forms apply to all claim types, including SME, RDEC and hybrid. Both forms went live for accounting periods starting on or after 1 April 2023, but the additional information form won’t be formally accepted until 1 August 2023 – forms submitted before then can be done on a voluntary basis. There are a number of conditions to consider.
To help tackle abuse and non-compliance of the R&D tax relief scheme, HMRC has added a few more steps to the claim process: claim notification and additional information forms. These concern all claim types: SME, RDEC and hybrid.Both forms went live for accounting periods starting on or after 1 April 2023, but the additional information form won’t be formally accepted until 1 August 2023 – forms submitted before then can be done on a voluntary basis. There are a number of conditions to consider before each form is submitted.
To refocus R&D investment and innovation domestically, for the purposes of R&D tax relief the government is changing what qualifies for overseas expenditure both pertaining to you and any business that you may subcontract your work starting April 2024. If you are a business looking to claim R&D relief, or are helping a business which is claiming, we suggest you familiarise yourself with the new guidelines and if you have questions, please reach out to us.
In the Autumn Statement, the government announced R&D tax relief rate changes for both SME and RDEC schemes. Some of these rates were modified and updated in the Spring Budget 2023. Below we are discussing the most up-to-date (as of March 2023) changes that are scheduled to come into effect from 1 April 2023 and will also affect expenditures incurred on or after the same date.
Tax season can be a stressful time for many – if you’re among those who find themselves unable to file on time, know that you are not alone and others have been in the same situation. In this blog post we will discuss your options if you find yourself unable to file on time, the consequences of late-filing, as well as available avenues of appeal against late-filing penalties.
Capital Gains Tax (CGT) is often a misunderstood topic. It is an important tax to be aware of, as it affects both individuals and businesses and some common types of transactions. We’ll delve into the history of CGT in the UK, explain when HMRC collects CGT, and provide an overview of the rules and regulations which govern it. By the end, you’ll have a better understanding of how CGT works and how it affects you.
The self-assessment tax deadline is quickly approaching and you may be wondering if there is any way to reduce the amount of tax you owe to HMRC. Fortunately, there are several allowances and deductions available that you may be eligible to claim. In this blog, we will explore a few examples of these allowances and how they can help you lower your tax bill. Don’t miss out on the opportunity to potentially reduce your tax burden – make sure to check if you’re eligible to claim any of these allowances.
If you’re self-employed and submitting your Self Assessment tax return, you may not have realised that you might need to make an additional payment called a payments on account (POA). Payments on account are payments made in advance towards your next year’s tax liability.
You found out you have to do a self assessment but the deadline to register has passed. What happens when you don’t register for Self Assessment in time? Can HMRC immediately start charging you penalties?If you became self-employed, made sizeable gains on shares or cryptoassets, became an LLP member or earned a six-figure salary between 6 April 2021 and 5 April 2022, then you may well have needed to register for Self Assessment.
In recent times, you may have heard of incentives to switch your bank account to a new bank provider and receive a cash bonus up to £175 (Dec 2022). Great news, get cash for pretty much nothing, as the new bank provider will switch over all your direct debits for you, you may just need to let your employer and others know of your new details for your salary to be paid into. But what about tax on these incentives?
