1. Changes in Research and Development Tax Allowances and Patent Box

    With effect from the 1 April 2015 the tax relief for qualifying expenditure on R&D increases to 230% for the SME scheme and in addition large companies “above the line” expenditure credit increases to 11%. […]

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  2. VAT and disability

    HMRC have updated its guidance given in VAT Notice 701/7: VAT reliefs for disabled and older people. The updated notice gives additional guidance on zero rating and provides information on reduced rate mobility products. The […]

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  3. Changes to charity audit threshold

    Following Lord Hodgson’s report on the Charities Act 2006 which was published back in July 2012 together with many recommendations, this review suggested that charities with income under £1,000,000 should be audit exempt. At present […]

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  4. Year end tax planning

    The tax year end is 5 April 2015 – but don’t wait until then to speak to us about saving tax!  The earlier we can discuss your personal and business matters, the more likely it […]

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  5. Abbey Tax

    With the government’s finances in a poor state we anticipate an increase in HMRC enquiries over the coming year. If adequate records are not retained, it can be very difficult and costly to refute HM […]

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  6. Tax Return Filing Deadline

    • 12 Jan 2015
    • By Philip Holdsworth

      As the 31 January filing deadline approaches, HMRC has compiled its annual list of excuses used in unsuccessful appeals against penalties for late filing and payment. They are – My pet dog ate my […]

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  7. New UK VAT Rules for Settlement Discounts

    • 04 Dec 2014
    • By Philip Holdsworth

    If you give your customers a discount for paying you quickly, you can currently reduce the VAT appearing on your sales invoices by the discount percentage. From 1 April 2015, VAT will have to be […]

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  8. Wife and Partner Swapping – Tax Allowances of Course!!

    • 28 Nov 2014
    • By Philip Holdsworth

    From April 2015 married couples and civil partners will be eligible for a new transferable tax allowance. The Transferable Tax Allowance for married couples will enable spouses and civil partners to transfer a fixed amount […]

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  9. IR35 and Pensions

    If you are trading via a Personal Service Company then have you considered a company pension scheme. Not only do the pension contributions save corporation tax at 20% but they also reduce any potential IR35 […]

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  10. HMRC Tax Allowance for Christmas Parties

    • 17 Nov 2014
    • By Philip Holdsworth

    A quick reminder of the tax treatment of the Christmas Party. The cost of a staff party or other annual function for employees is an allowable tax deduction for businesses. This does not apply to […]

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