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Comments Off on R & D Incentives: How a Business Can Reap the Rewards of Innovation

R & D Incentives: How a Business Can Reap the Rewards of Innovation

R & D Incentives: How a Business Can Reap the Rewards of Innovation

Legislation was introduced some time ago now with the aim of encouraging businesses to increase investment in innovative activities, R&D tax reliefs offer significant benefits for businesses advancing science and technology. These reliefs significantly reduce the corporation tax bill, or if loss – making can generate tax credit repayments. However it is estimated that 10% … Continued

Comments Off on Reduced Dividend Allowance From 6 April 2018

Reduced Dividend Allowance From 6 April 2018

Reduced Dividend Allowance From 6 April 2018

The dividend allowance was introduced in the 2016/17 tax year to encourage people to invest by making the first £5,000 of dividend income earned by shareholders each year tax-free from 6/4/18 the tax-free dividend allowance to will reduce £2,000. Dividends above the £2,000 threshold will be taxed at 7.5% for basic rate taxpayers, 32.5% for … Continued

Comments Off on Consultation Proposing Amendments to the Charities SORP (FRS 102) Now Open

Consultation Proposing Amendments to the Charities SORP (FRS 102) Now Open

Consultation Proposing Amendments to the Charities SORP (FRS 102) Now Open

The Charity Com­mis­sion for England and Wales (‘Charity Com­mis­sion’) and the Office of the Scot­tish Charity Reg­u­lator (OSCR) have issued a joint con­sulta­tion on pro­posed amend­ments to the Char­it­ies State­ment of Re­com­men­ded Prac­tice (FRS 102) (‘Char­it­ies SORP FRS 102) fol­low­ing recent amend­ments to UK ac­count­ing stand­ards. SORPs are in­ten­ded to sup­ple­ment ac­count­ing stand­ards and other legal … Continued

Comments Off on Are You Sure You or Your Workers Are Self-Employed?

Are You Sure You or Your Workers Are Self-Employed?

Are You Sure You or Your Workers Are Self-Employed?

Last year we reported that the House of Commons Work and Pensions Committee published a report calling on the Government to close the loopholes that allow “bogus” self-employment practices, which burden the welfare state but reduce the tax contributions needed to sustain it. Most of the people working for organisations such as such as Uber, … Continued

Comments Off on One in 15 Face Fines After Missing Tax Return Deadline

One in 15 Face Fines After Missing Tax Return Deadline

One in 15 Face Fines After Missing Tax Return Deadline

A total of 745,588 people run the risk of being fined by HMRC after missing the deadline to submit their self-assessment tax return. About one in 15 taxpayers failed to beat the midnight deadline on 31 January 2018 to file their annual returns relating to the 2016/17 financial year. Late payers can expect an initial … Continued

Comments Off on Food and Drink Firms Bring in Record £22bn in Exports

Food and Drink Firms Bring in Record £22bn in Exports

Food and Drink Firms Bring in Record £22bn in Exports

Food and drink businesses raised £22 billion from exports in 2017, a record high according to government figures. UK food and drink firms are now exporting products to 217 countries around the world, with whisky proving the most popular – bringing in £4.5 billion last year. This was followed by sales of salmon (£720 million), … Continued

Comments Off on One Million Firms Comply with Auto-Enrolment

One Million Firms Comply with Auto-Enrolment

One Million Firms Comply with Auto-Enrolment

The number of employers that have complied with auto-enrolment passed one million for the first time in January 2018. Data released by The Pensions Regulator showed the total number of employers to have completed their declaration of compliance stood at 1,032,567 in the first month of 2018. More than 600,000 employers complied with their duties … Continued

Comments Off on Taxpayers Reclaim £493m from HMRC

Taxpayers Reclaim £493m from HMRC

Taxpayers Reclaim £493m from HMRC

HMRC has had to return nearly half-a-billion pounds to taxpayers since April 2015, claims analysis of government statistics. Royal London reports the Revenue is overcharging on two areas of the tax system, and has had to refund £493 million as a result. Savers using the new pension freedoms are among the hardest hit, as income … Continued

Comments Off on Firms Banned from Charging Credit Card Fees

Firms Banned from Charging Credit Card Fees

Firms Banned from Charging Credit Card Fees

Retailers and businesses are no longer able to charge consumers extra for using a credit card to pay for goods or services. Interchange fees charged by firms on people who paid by credit card were banned on 13 January 2018 on the back of a widespread piece of EU legislation. Some were previously surcharging consumers … Continued

Comments Off on Fraudsters Target over-65s in gift card Tax Scam

Fraudsters Target over-65s in gift card Tax Scam

Fraudsters Target over-65s in gift card Tax Scam

Vulnerable and elderly people are being told they owe large amounts of tax which they can only pay off through digital vouchers and gift cards. HMRC has issued a warning over fraudsters who are preying on victims by cold-calling them and impersonating members of staff from the Revenue. Figures from Action Fraud, the national fraud … Continued