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R&D Tax Credits, a warning
The current regime of claiming for enhanced credits against corporation tax is a generous one with up to 225% relief available for qualifying expenditure. In fact with HMRC tasked with approving these claims there has (rightly) been a rush of claims recently submitted by many different businesses. HMRC aims to make 95% of its R&D…
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Tax man gets tough!
VAT-registered taxpayers who are behind in submitting their returns and payments are being offered a time-limited opportunity to put their affairs in order. Businesses have until 28 February 2013 to submit their VAT returns and pay outstanding VAT. Those who do not make use of the opportunity will be targeted by HM Revenue and Customs…
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VAT fraud rife in the UK
A recent report prepared has revealed that tax fraud makes up 44% of all the fraud reported in the UK. At £603 million, tax fraud identified in 2012 is nearly twice the level reported in 2010 (£309m). VAT fraud made up over 90% of the reported tax fraud. The research underpinning the report examined all…
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New EU VAT invoicing rules from 1st January 2013
As of January 1st 2013, new EU wide rules came into effect with the aim of simplifying the invoicing process for business. Most importantly the legal obstacles to the use of electronic invoices will be removed from the UK VAT legislation. Electronic Invoicing Electronic invoices have been given parity with paper invoices. Following the…
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Child benefit – adding further complexity to the tax system
We’ve heard from successive governments that the UK taxation system is overly complicated and in need of simplification. In fact the current coalition government created the “Office of Tax Simplification” (OTS) in 2010 with the express mandate of “providing the Government with independent advice on simplifying the UK tax system”. It is virtually impossible for non-accountants to…
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Employers: RTI & Penalty Update
RTI stands for Real Time Information and is HMRC’s latest initiative to ensure employers’ returns for PAYE and NI are made on a monthly basis in electronic form, rather than simply at year-end on the P35 as is currently practice. Many people have assumed that RTI is just a new function for their payroll software,…
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MBO Engineered in the Midlands
We are delighted that our Corporate Finance team have been instrumental in an engineering solutions business changing hands in a multi-million pound management buy-out funded by Santander Corporate Banking. The Engineering Technology Group Limited supplies high specification machine tools and fixtures and provides engineering services to companies in the automotive, aerospace, and other specialist manufacturing…
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Autumn Statement, non-tax announcements
Following our earlier blog post on the tax changed announced in the Autumn Statement on 6th December here the following represent the other non-tax headline changes announced on Wednesday. Small Business Rate Relief The present Small Business Rate Relief Scheme is to be extended for a further year to April 2014. Anti-Avoidance and tax evasion The…
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Autumn Statement Tax Changes
On Wednesday 5 December 2012, the Government delivered its Autumn Statement. The Chancellor announced this year he was seeking to offer ‘new support for business and enterprise’. We have detailed below the main tax measures introduced. We have also provided commentary on the changes announced. Business Tax • The main corporation tax rate for 2014…
Understanding your business finances is about far more than meeting your statutory obligations. While many business owners focus on sales and turnover, a deeper understanding of profitability, cash flow and overall financial performance can lead to better decision-making and long-term business success. The financial statements produced by your accountant can …
August 14, 2026
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