Research and Development Tax Relief – Your Questions Answered

Many businesses are paying more tax than they need to because they fail to capitalise on potential savings available via Research & Development (R&D) tax relief. Eligibility for R&D is extremely broad – put simply, if you are seeking to create or enhance a product of process (making something faster, shorter, more robust, more economical, […]

What is the new Plastic Packaging Tax?

The introduction of the Plastic Packaging Tax is due to come into effect from 1st April 2022. This article will explain how the new measure will work, who it will apply to and how it will affect businesses in the UK. What is the new Plastic Packaging Tax?This is a new tax will apply to […]

National Insurance and dividend tax increase from April 2022

1.25% increase to National Insurance contributions (NIC) and dividend tax rates from 6th April 2022.   Who will be affected by the NIC increase and why? In an effort to pay for the impact of the COVID-19 pandemic on the NHS and health and social care systems, the Prime Minister has announced a 1.25% increase […]

Autumn 2021 Budget Report

On 27th October 2021, the Chancellor presented the Autumn 2021 Budget Report. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. We’ve summarised the key announcements below.   Tax measures include: a new temporary business rates relief in England for eligible retail, hospitality […]

Understanding Annual Investment Allowance & Super Deduction

Accounts-Assistant

Changes to the annual investment allowance and the introduction of the super-deduction tax policy have had a big impact on tax allowances. Keep up to date here! The annual investment allowance (AIA) increase has been a blessing for many businesses when looking to weather the pandemic. If you’re unfamiliar, the AIA is a tax relief […]

What are the Tax Allowances for 2021/22?

The tax system can seem very overwhelming for business owners, with so many different tax allowances, tax rates, tax bands. From Personal Tax and Corporation Tax to R&D and Capital Gains, there’s a lot of different figures you may need to refer to. Lucky for you, we’ve put them all in one place here for […]

What can I give to my staff this year seeing as our usual Christmas party is out of the question?

Zoom Conference

Around this time of year, we are often advising clients on the different tax-efficient ways to treat staff, and usually, that includes the annual Christmas party. The 2020 festive season is going to look a little different, as the usual Christmas ‘do’ is off the cards.   In a ‘normal’ year, you don’t have to report a party or social event to HMRC for tax purposes, as long as it meets […]

CJRS and SEISS: how to correct an over claimed grant

HMRC Business Tax Account

Unsurprisingly, HMRC has announced how they will be cracking down on fraudulent grant claims. Due to the speed and urgency that claims were made and issued, there are likely to be a number of innocently miscalculated grants and HMRC is requesting that businesses double-check their calculations and notify HMRC within 90 days of receiving any […]

The electric vehicle revolution – tax implications for electric company cars

Electric vehicles are rapidly changing the face of the automotive industry, and with the impact of increased accessibility and environmental awareness, the amount of electric vehicles globally reached 5 million by the end of 2018, compared with just 14,260 in 2010*.  The Committee on Climate Change (CCC) has proposed a recommendation to the UK government regarding electric […]