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Tax News

Tax specialists in Sheffield, Doncaster and Northampton

Making R&D claims easier for smaller and medium companies

The government views investment in research and development (‘R&D’) as a key to economic success. It is therefore committed to encouraging more smaller and medium sized (‘SME’) companies to claim R&D tax relief. Claims by SMEs for enhanced tax deductions have more...

Housing case highlights complicated charity VAT exemptions

VAT is a constant focus in the charity sector and presents a wide range of different challenges and issues for charitable organisations. The unique and valuable VAT reliefs that are available to charities are detailed and tightly defined, as a recent housing example...

New Advanced Assurance scheme for R&D tax relief claims

HMRC have introduced a scheme whereby small companies will be able to seek Advance Assurance on whether the research and development (R&D) they are carrying out qualifies for R&D tax relief. The scheme came into effect from November 2015 and will provide greater...

Enterprise Investment Scheme – a worthwhile opportunity?

The Enterprise Investment Scheme (EIS) is now over 20 years old. This is quite a remarkable achievement for a tax break. A change in government often results in the demise of one tax break and the invention of a ‘new and better’ tax relief. There have been amendments...

Uncertainty for buy-to-let landlords after tax changes

Last month I spoke at the 2015 Yorkshire Bank buy-to-let seminar in Doncaster about the recent buy-to-let tax changes. Now, following the Chancellor's latest Autumn Statement, more changes are on the way... The buy-to-let market is thriving, but the government's...

SME tax corner – the good, the bad & the Autumn Statement

Welcome to our fourth edition of the SME tax corner. In this month’s SME tax corner we look at what’s changed in the world of tax for small businesses. Good: R&D claims made easier for SMEs The recently published government plan to improve access to R&D highlights the...

Autumn Statement 2015 – what you need to know

On Wednesday 25 November the Chancellor George Osborne presented the first Autumn Statement of this Parliament along with the Spending Review. His speech and the supporting documentation set out both tax and economic measures. Our summary concentrates on the tax...

Are you ready for the new Scottish Rate of Income Tax?

Are you ready for the new Scottish Rate of Income Tax? On 6 April 2016, a fundamental change will be made to the taxation system for some UK resident individuals. Those who are resident in Scotland will pay two types of income tax on their non-savings income. The main...

Property income – repairs & replacement – more tax changes

There have been some recent changes to the amounts that can be claimed as repairs or replacements for landlords of residential properties but, despite these changes, the government is proposing further legislation in this area to be introduced from April 2016. The...

Government opens Patent Box Tax Relief consultation

On 1 April 2013 the UK government introduced the Patent Box Tax regime which aims to provide tax breaks for companies which commercialise patents or develop new innovative patented products, processes or services. The regime works by assigning a lower rate of tax to...

SME tax corner – the good, the bad & the PAYE!

Welcome to our third edition of the SME tax corner. In this month's SME tax corner we look at what's changed in the world of tax for small businesses. Good: Minimising tax by spreading income around the family Owner-managed companies often seek to minimise the tax...

Maximising the opportunities for pensions tax relief

How can you maximise the opportunities for pensions tax relief following the big pension reforms? The recent substantial changes to the rules for accessing money purchase pensions and the treatment of funds remaining on death has sparked increased interest in pension...

PPR: Maximising tax relief for two homes

How do you go about maximising tax relief for two homes? The UK tax regime provides an important relief from the capital gains tax charge (CGT) on the gains made by owner-occupiers on the sale of their private homes. This is known as Principal Private Residence relief...

Dividends and the impact on incorporation for law firms

The Chancellor, George Osborne, announced in the Summer 2015 Budget a shake-up in the way dividend income is taxed from April 2016. As the announcement has added to the complexity of the current dividend system the reaction has been, unsurprisingly, one of confusion...

Minimising tax by spreading income around the family

Have you considered minimising tax by spreading income around the family? Owner-managed companies often seek to minimise the tax position of shareholder-directors by involving members of the same family and using personal reliefs and lower rate tax bands of each...

SME tax corner – the good, the bad & the chance

In this month's SME tax corner we look at what's changed in the world of tax for small businesses. Good: R&D claims from SMEs increase by 23% New figures released by HMRC earlier this month show that since the relief was launched in 2000 over 120,000 claims have been...

Over £11.4bn in R&D tax relief now claimed

£11.4bn in R&D tax relief now claimed - are you missing out? HMRC has now published its most recent R&D tax relief statistics (2013/14), and the picture remains very positive. The statistics show that companies - both SME and multinational alike - are continuing to...

Trading as a limited company after dividend changes?

Should I continue trading through a limited company? In the Summer 2015 Budget, George Osborne announced fundamental changes to the way in which dividends are taxed. The changes take place for dividends received from 6 April 2016. Some individuals who extract profits...

Entrepreneurs’ Relief when selling your business

Your guide to Entrepreneurs’ Relief when selling your business  Entrepreneurs’ Relief (ER) has been around for many years. However, it appears that HMRC are now taking a more active interest in Entrepreneurs' Relief claims and the Government has recently tweaked some...

Self assessment tax return – submission penalties

You may have seen in the press or on the TV a couple of months ago, news stories that implied that it would be easy to get out of paying an automatic £100 minimum penalty for the late filing of a self assessment tax return. The background to the initial news stories...

ATED: Updated procedures and details on ATED returns

Since 2013 a range of measures have been introduced to discourage the holding of residential property in the UK via companies, partnerships and collective investment schemes. In summary, these measures are: Stamp Duty Land Tax (SDLT) is payable at 15% on the...

Extra tax relief on pension contributions – act before you miss out!

Changes to tax relief on pension contributions were announced in the recent budget and you may wish to take advantage of the increased annual allowance for the 2015-16 tax year. Prior to these changes, tax relief on an individual's pension contributions was limited to...

SME tax corner – the good, the bad & the kneady!

In this month's SME tax corner we look at the recent Summer Budget and what's changed in the world of tax for small businesses. Tax and the small business – Summer Budget The recent Summer Budget was a bit hit and miss for small businesses. On the whole, though, it...

Owning a property via a company – big tax changes!

Last month, at the annual HLB International Audit & Tax Conference in Amsterdam, I spoke to member firms about the current real estate developments in the UK from a tax perspective. There have been some big changes recently, including Stamp Duty Land Tax (SDLT), the...

Agricultural diversification – beware tax pitfalls

In our last newsletter we looked at the opportunities diversification can bring to farmers, particularly through additional revenues. We highlighted several diversification options and concluded that, when carefully planned for, diversification can be a very...

What is eligible for Agricultural Property Relief?

Inheritance tax is becoming increasing complex for farmers and agricultural business and land owners, and careful planning is essential in making a successful Agricultural Property Relief (APR) claim. Inheritance Tax (IHT) is normally payable on an estate when...

Is diversification right for your farm or rural business?

In recent years, in conjunction with volatile milk prices and other cost pressures, many rural and agricultural businesses have looked to diversify their offering. As well as their core business operations, farmers are also hosting fishing and clay pigeon shooting...

What is the best vehicle for tax purposes?

Operating a business tax efficiently is a key concern to all businesses. What is the best vehicle for tax purposes? The choice of a suitable business medium, for example, sole trader, partnership or limited company may have a substantial impact on the level of...

Claiming the marriage allowance – updated guidance

The Low Incomes Tax Reform Group have published their updated guidance on how to apply for the new transferable personal allowance, known as the marriage allowance, for married couples and civil partners which came into effect on 6 April 2015. The transfer of part of...

Extension of farmers’ averaging to give greater flexibility

One of the important announcements in the March Budget was the extension of farmers’ averaging, where farmers who meet specific conditions can average their profits for income tax purposes, from two years to five years. The unique tax rule, introduced to limit...

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