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.

HMRC have introduced a restriction for the amount of R&D tax credit received by SMEs in a year. Effective from 1 April 2021, the cap is set at £20,000 plus three times the company’s total PAYE and NIC liability for SMEs claiming R&D tax credits.

HMRC have began issuing “nudge letters” to UK residents with a financial connection to Italy and potential tax liabilities on overseas income or gains, prompting them to make a disclosure under the Worldwide Disclosure Facility (WDF).

HMRC collected £34 million in penalties in September 2020, an increase of 62% from a low of £21m in May, after resuming tax investigations. After temporarily […]

Following the recent Wickford Developments decision, any property developer who has been refused VAT refunds on installing manual roller blinds into new homes should review the VAT lost in the past 4 years with a view to making a claim from HMRC. This decision follows that of an earlier case that HMRC chose to ignore (John Price) and HMRC were criticised for continuing with a policy that the courts had disagreed with.

Earlier this month (October 2020), HMRC issued “nudge letters” to the corporate owners of high value UK property with outstanding ATED (Annual Tax on Enveloped Dwellings) returns.

Airbnb have paid an extra £1.8m in UK tax following a HMRC investigation, in addition to a £1.1m tax bill paid on profits of £5.6m by Airbnb UK in 2019.

In a series of quick-fire client interviews held during lockdown, Jeffreys Henry LLP speaks to Albert Azis-Clauson, CEO and founder of UnderPinned, a freelancing company designed to lift the administrative weight of freelancing off your shoulders. Albert delves into the many ways in which COVID-19 has impacted the freelancing industry, discusses UnderPinned’s quick invoicing service and explains how freelancers will be key in the rebuilding of the economy.

The government has classed the CBILS and the Bounce Back Loan as ‘Notified State Aid’ (NSA) under the European Commission’s new Temporary Framework for COVID-19. If a company receives CBILS or the Bounce Back Loan, then it will not be possible to claim SME R&D Tax Relief for that project as a company can only be in receipt of one form of NSA on any one project.

The Chancellor has announced unprecedented measures to support businesses, but R&D Tax Relief can be an additional lifeline for businesses. Research and Development (R&D) Tax Relief […]