If your company invests in Research and Development (R&D) and qualifies for corporation tax, it may be able to claim a sizable portion of the qualifying R&D expenditure as R&D Relief. Recent changes to the R&D Relief scheme From 1st April 2015, the tax relief on qualifying R&D cost will increase from 225% to 230%.
The rules concerning pensions have been revised to encourage people to save more and offer them complete choice and flexibility over what they wish to do with their pension savings. While this is good news for all those nearing retirement, it also means that they need to carefully plan their withdrawals in order to extract
This month saw the registration open for a new Marriage Tax Allowance that provides a tax break for married couples or those in civil partnerships. Chancellor of the Exchequer, George Osbourne, has called the new tax break “a recognition of marriage in our tax system”. Who qualifies for the Married Couples Tax Break and how
Mansion Tax was first suggested by the Lib Dem party in 2010 as a levy of 1% of the property’s value above £2 million in the UK. It has more recently been advocated by the Labour party as a scheme that will bring the British government £1.2 billion a year in revenues. If and when
The Chancellor’s decision to do away with the incumbent ‘slab’ system and introduce a more reasonable ‘progressive’ tax rate has given new hope to many first time buyers and those at the bottom of the domestic property ladder. Where the old slab system led to sudden jumps in the SDLT at each threshold level, the new
Value Added Tax, or “VAT”, is a tax charged on most goods and services provided by VAT-registered businesses in the UK and also on those imported from countries outside the European Union (EU) and even some countries within the EU. First introduced in 1973 in the UK, VAT soon became one of the largest revenue
“XBRL”, or to use the formal name, ‘The Extensible Business Reporting Language’, is a standard for exchanging and communicating business information via the internet. XBRL involves the application of computer-readable tags to business data. This enables the data to be processed automatically by software, bringing great gains in efficiency and providing an opportunity for high
Fixed monthly fee £80 (+ VAT) Contractors have peace of mind knowing that accounting costs are fixed. We operate a strict ‘no surprises’ policy when it comes to fees. Easy access online portal for maintaining your records Our state of the art online client portal gives contractors, and ourselves, real time access to financial information.
From 6 April 2013 certain reliefs on UK income tax will be capped. Below is a summary of the main changes: 1. The cap is the greater of £50,000 or 25% of an individuals’ adjusted total income. 2. The main reliefs capped are 1. Trade losses relief against general income 2. Early years trade loss
The Financial Services Authority (FSA) has been replaced by two new regulatory bodies, which will aim to monitor financial institutions and better protect consumers. The launch of the ‘twin peaks’ regulatory structure marks what Chancellor George Osborne called a ‘resetting’ of the financial system following the banking collapses and miss-selling scandals that have blighted the