If you are in the process of completing your 2018-2019 self-assessment tax return over the next few days (deadline Friday 31 January), don’t forget to declare your pension contributions. Taxpayers routinely omit vital pensions data from their tax returns, forfeiting valuable tax relief or underpaying tax. Higher-rate taxpayers are most likely to miss out. If [...]
Around one in four taxable estates face investigations over their inheritance (IHT) payments as HMRC increases anti-avoidance activity. Over 5,000 IHT investigations were opened by HMRC in the 2018/19 tax year, representing nearly 25% of the 22,000 estates liable for inheritance tax over the period. Last year, the Office of Tax Simplification (OTS) called for [...]
With the Budget scheduled to take place on Wednesday 11 March, business owners who have considered selling their business should be aware that Entrepreneur’s Relief is reportedly under threat. The Conservatives pledged to “review and reform” Entrepreneurs’ Relief as part of their recent election manifesto, adding “… some measures haven’t fully delivered on their objectives.” [...]
As we know, the UK is set to leave the European Union on 31 January 2020. This will have an impact on EU VAT refund claims. The HMRC website advises that it will not be possible to use the VAT online services to claim a VAT refund from an EU member state after 5pm on [...]
If you're considering a sale in the short to medium term, the following five key areas are worth considering now to ensure an easy process and the maximum price for you. Are your information systems robust enough to provide a buyer with the information they require. These will often include (segmental) financial reporting, operational data [...]
In 2018/19 HMRC issued penalties of £816m, an increase from £620m in 2015/16 according to official data. This represents an increase of nearly 32% in three years! This is a much faster rate of increase then the amount of tax collected by HMRC, which has increased by 19.2% from £495bn to £590bn over the same [...]
HMRC have introduced a PAYE/NIC cap to repayable R&D tax credit claims made by SME’s for accounting periods starting after 1 April 2020. This cap will restrict qualifying R&D expenditure for loss making companies to 3 x the total PAYE and NIC liability in that accounting period. The cap only applies to tax credits, and […]
