Business Butler Blog - tax

The integrity of the R&D tax credit industry has been under the microscope for some time, with both HMRC and Government enforcing policy changes to prevent fraudulent activity and abuse, with new legislation coming into force from April 2023. Fraudulent activity could include:

• Boundary-pushing when determining what is and what is not qualifying research and development
• In...

R&D Tax Credit Changes Explained

During the 2021 Autumn budget, the government confirmed the addition of an extra R&D tax credit cost category: data and cloud computing. This announcement has been much anticipated following the 2020 consultation on qualifying criteria and has been welcomed by companies and advisors alike.

Matthew Jones, managing director, Li...

The Government is planning a £11bn National Insurance tax rise to pay for social care. It looks like it has the capacity to cause strain, hurt the economic recovery and create more unemployment. Mr Kwarteng, Secretary of State for Business, is said to be worried about the tax rise as he believes it could reduce the numbers of hiring as the cost of each staf...

What is the R&D Tax Credit Statistic Report?

HM Revenue and Customs (HMRC) have released their latest Research and Development (R&D) Tax Credits Statistics Report; sharing data for accounting periods ending during the 2019-20 tax year. The report, published each year, provides valuable information on the number of UK companies benefiting from the relief and the va...

Money, or the lack of it, is a concern for businesses at any time but during the current economic environment it takes on even greater significance. Business owners are constantly looking at ways to reduce costs without sacrificing quality or raise margins without losing customers, and even for businesses robust enough to survive the worst economic crisis on record, every pound counts.

So...

Can you imagine as a business owner being entitled to thousands of pounds and not even knowing? How frustrating would that be? Sounds too good to be true, does it? Well it is true and thousands of businesses across the UK are failing to take advantage by not making a Research and Development (R&D) tax credits claim.

In fact, recent research suggests that less than 20% of eligible SMEs...

Making Tax Digital (MTD) is the government’s initiative to modernise and simplify tax administration for everyone, by moving the whole process online. This pioneering venture promises to make tax submissions more effective, more efficient and easier for taxpayers. However, with recent research suggesting that 30% of businesses are unaware of what this means for them we’ve written a to clarify t...