Filed under: tax relief
According to Government figures, R&D tax credits provide nearly £1 billion of support to over 6000 UK companies. Over the past year, RJP has helped many clients to reduce their corporation tax bills – some to almost nothing – by taking advantage of the Government’s R&D tax credits scheme. This is a generous relief and allows over 200% of the money invested in qualifying R&D activities to be offset against corporation tax. (more…)
April 27, 2012
After the fanfare of publicity and stern warnings issued in recent months, HMRC has taken a U turn on its business record checks campaign. Now, rather than making threats of indiscriminate inspections to identify record keeping issues, they have declared any future inspections will be much more targeted.
HMRC has said that they will carry out any planned visits but will postpone any new SME business record checks (BRC) until a new approach has been developed which concentrates on higher risk businesses. New visits will not resume until HMRC announces the detail of a ‘revamped’ approach, which is expected some time after April 2012. (more…)
February 27, 2012
George Osborne has pretty much confirmed that the 50% tax rate will be here for the foreseeable future. With the deadline for self-assessment tax payments looming, now is the time most additional rate tax payers will feel the pain and start to wonder whether they might have been able to reduce their tax burden with some careful tax planning. Hindsight is a truly wonderful thing, but straight after the January 31st filing deadline is one of the best times to formally review your personal and business tax affairs. Virtually all of the changes for the 2012-2013 financial year have now been confirmed and the sooner you put measures in place to limit your tax liability, the better. (more…)
January 29, 2012
In our recent experience working with a selection of different clients, Research and Development (R&D) tax credits are proving very valuable as a source of tax relief. Over the past few years, R&D tax credits seem to have earned a reputation for being difficult to qualify for, with a misconception that it is essential for your line of business to include white coats and laboratories.
Our experience as Surrey accountants is to the contrary though and a wide range of IT and technology companies are reaping the rewards. Applications for projects that are new and innovative, which cut operational time, help to achieve a competitive advantage, or even involve translating software into another language, are being approved successfully. In some cases the savings are mounting into hundreds of thousands. (more…)
December 20, 2011
Before we give the lowdown on the Chancellor’s autumn statement, it’s worth mentioning that pithy overviews of pre-Budget announcements such as this are easier to do when there are some upbeat headlines as well as the inevitable sharp intakes of breath and economic tightening of belts, says Paul Webb, tax partner at Surrey accountant RJP. Not so here. In his speech, Osborne said he would do ‘whatever it takes’ to protect Britain from the ‘debt storm’ in Europe. (more…)
November 30, 2011
To kick of our special IHT surgeries taking place in September, this blog covers all the basics you should know about inheritance tax and how you can avoid it. One of the big myths surrounding this tax is that it is just something the very rich have to worry about!
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August 16, 2011
HMRC are constantly on the lookout for ways to close tax loopholes and increase their overall tax revenues. Over the past few weeks we have run numerous blogs about new disclosure opportunities and campaigns designed to increase Treasury income.
Last month HMRC issued another consultation document entitled ‘Capital Allowances for Fixtures’ which explained how they intend to review these rules in their favour. If you have bought, built, refurbished or renovated commercial premises and still own the building, you should understand the proposed changes and act as appropriate. It may be that your ability to claim tax relief for capital allowances expenditure is otherwise significantly diminished in the future. (more…)
July 27, 2011
April 2012 will be upon us in no time and brings with it a significant reduction to the reliefs available under the current capital allowances legislation. It’s currently possible to write off 100% of the cost of acquiring new business equipment (classified as plant and machinery) to the value of £100,000 as a tax deductable expense in the year of expenditure. (more…)
July 21, 2011
Installment 2 of our focus on entrepreneurs’ relief. In essence, the entrepreneurs’ relief rules can appear deceptively simple; it can be dangerous to assume that all business assets qualify for the relief and this should be regularly checked. In addition, there are ways in which the relief can be maximised with forward planning. With the recent increase in the top rate of capital gains tax to 28%, it is a valuable relief and worth arranging your business affairs to ensure it is maximised.
Continue June 13, 2011
Entrepreneurs’ relief can offer significant tax savings when exiting a business either completely or partially. However to get the maximum benefit of this relief, it is important to think ahead and plan accordingly. There are a number of qualifying criteria to consider depending on your individual circumstances, and action should be taken as soon as possible to avoid disqualification. In most cases, entrepreneurs wishing to use this relief need to review their position at least a year before a sale to ensure they qualify.
Continue June 6, 2011
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