Category: Tax

HM Revenue & Customs Investigations

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Did you know that in 2015/16, HM Revenue & Customs (HMRC) secured a record £26.6bn of additional revenue through tax enquiries into businesses and individuals? Their target for the future is even higher. The fact is that HMRC is becoming more and more focused on investigating those they believe may not be paying the right amount of tax. What triggers an investigation? HMRC claims compliance checks are normally triggered when there…

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Making Tax Digital

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Making Tax Digital How and when will digital tax affect you? Some big changes are happening for taxpayers. We’ve been submitting personal tax information securely online to HMRC  for many years but now, from April 2017, every individual and business has a new digital tax account. HMRC want to rely more heavily on third party information via the digital tax accounts, and less on the end of year Self-Assessment Tax Returns. They want to…

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Encourage technical improvement

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Our government is very keen to encourage technical improvement in the way we conduct all aspects of commercial activity. Accordingly it provides VERY generous tax reliefs for activities that qualify, in its terms, as ‘Research and Development.’ While this includes the work undertaken by scientists wearing white coats and working in laboratories, it also covers the work done by entrepreneurs in improving the processes they use in their everyday business. The tax man may accept that anything you do which finds a way to…

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To claim or not to claim?

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Your business will pay tax on the profits it makes. Profits are generally determined after deducting ‘any expenses incurred wholly and exclusively for the purposes of the business.’ You must obviously understand the distinction between ‘business expenses’ and ‘personal expenses’ and then be aware of three points which are relevant: Make sure you have a watertight system of record keeping in place. Then make sure that you accountant has a thorough understanding of what you do, so that you can work with him to ensure…

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Great work by Barry Spokes, our tax manager

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A client asked us to review the Inheritance Tax aspects of a case where she was helping a friend to deal with the probate of her sister’s Will. The case was a little more complicated than she had thought and there was a sizeable sum of Inheritance Tax to pay… Barry quickly identified that there was a claim to be made for the unused IHT allowance from her late spouse resulting…

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Tax relief on investment in R&D

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I’ve banged on in the past about the generous tax reliefs available for companies which invest in Research & Development. And never forget that those breaks can apply to all sorts of everyday research we do – not just cutting edge scientific work. But the new “Patent Box” initiative is also worth a look. It is going to offer a 10% tax rate on all profits which derive from new patents…

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225% Corporation Tax relief for every £1 spent!

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225% Corporation Tax relief for every £1 spent!  I’m delighted to report on another hugely beneficial claim successfully made for a client undertaking some research and development work. Let’s have a talk about what you are doing.  Surprisingly it’s not that difficult to qualify for this increasingly-generous tax relief.