️HMRC have announced that they will not be charging late filing penalties for 2020/21 self-assessment tax returns, provided it is submitted by 28 February 2022.

In the Autumn 2021 budget, Chancellor Rishi Sunak announced significant changes to R&D tax relief. From April 2023, the qualifying expenditure categories will be widened to […]

Earlier this year, HMRC issued a statement, warning individuals that they will soon be issuing ‘nudge letters’ which are specifically targeting cryptocurrency investors. A copy of […]

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. Companies eligible for R&D tax relief will continue to […]

If you’re new to the world of self-employment, knowing when to pay HMRC as well as how much you need to pay can sometimes be difficult. So, we’ve put together a quick guide to help you keep on top of this and maybe even help you save some money next time you pay in.

Tax planning for high earners and those earning over £100,000. From contributing to pensions to investing in startups, here are some top tax tips to follow.

The latest tax rules introduced by the government mean that switching to an electric company car is no longer just about reducing the climate impact, but provides a significant tax benefits for both employer and employee. From April 2021, fully electric company cars attract a Benefit in Kind rate of just 1%, rising to 2% from April 2022. This means, a Tesla Model 3 Standard Range Plus with a purchase price of £80,000 would have a benefit rate of just 1% in 2021-22, equating to an annual taxable benefit of just £800.

Between 1 April 2021 and 31 March 2023, companies can claim a super-deduction in the form of first year relief of 130% on qualifying plant and machinery additions. This means a company spending £100,000 on qualifying assets would have £130,000 deducted against its taxable profits, resulting in a tax saving of £24,700 per £100,000 of expenditure.

£102,000 – that’s the average amount we’ve secured in R&D tax relief for our clients. R&D tax relief is one of the best tax reliefs available to both loss-making and profit-making companies.

Changes in IR35 rules from 2021 will mean employees, but through their own Personal Service Company (PSC), pay the same Income Tax and National Insurance contributions as other employees. From April 2021, businesses will have the responsibility of deciding whether the employment taxes and National Insurance contributions should be deducted.