Angel is an ACCA qualified VAT Manager with extensive experience advising private individuals and companies on international transactions, Tour Operator Margin Schemes (TOMS), VAT for Restaurants including zero rated and cold-food, VAT on property transactions and HMRC VAT inspections.
From April 2022, it will be mandatory for all VAT registered companies, regardless of their turnover, to submit their VAT returns via Making Tax Digital (MTD). Up until this point, MTD VAT returns was compulsory only for VAT registered companies with a turnover above the VAT threshold of £85,000.
HMRC has released its review of R&D tax relief (also known as R&D tax credit), alongside details that confirm extra measures that will be put in place to end the abuse of R&D tax relief. Recent data suggests a loss of over £300 million due to fraud and error in R&D claims. In such cases, companies had claimed cash through the payable tax credit, despite having no R&D activity. Moreover, HMRC have also identified structures that had been set up with the intention to claim the payable tax credit, despite there being little employment or activity in the UK.
Key steps to a successful R&D tax relief claim. HMRC have displayed no sign of relaxing their position in respect of R&D tax credit claims in terms of querying both eligibility and qualifying expenditure.
As of 30th September, the temporary 5% reduced VAT rate for hospitality, holiday accommodation and attractions has been increased to 12.5% which will be in place until 31 March 2022, after which it will revert […]