Research and development (R&D) tax reliefs can be very generous for small companies, giving a deduction of 230% of qualifying costs. However the categories of expenditure which qualify for R&D relief were defined over 20 years ago and do not include costs of a typical internet based business.
The hospitality and tourism sector has been enjoying a reduced rate of VAT (5%) since 15 July 2020. This rate applies to most supplies made by hotels, tourist attractions, members’ clubs and most events venues. It also applies to the food and drink served in those premises and hot takeaway food and non-alcoholic drinks.
From April 2021 HMRC’s Official Interest rate has been cut from 2.5% to 2%. As a result of the cut the tax payable by a higher rate taxpayer with an employer-provided interest-free loan will reduce. This is also the case for director loans taken from companies. Where an employer-provided loan is cheap rather than interest-free, the…
All tax credit claimants should have received their renewal pack by 4 June 2021. If you have not received your renewal pack you should contact HMRC on 0345 300 3900.
The Bounce Back Loan Scheme (BBLS) was designed to enable UK businesses to access finance quickly during the Covid-19 pandemic. Businesses that were losing revenue and seeing their cashflow disrupted as a result of the outbreak were able to apply for loans of up to £50,000 from May 2020, with a payment holiday in place…
As we edge close to the lifting of the lock-down restrictions on 21st June 2021 (based on the government’s current roadmap), an increasing number of employees may wish to book holidays around the same time as each other.
Given that the Office for National Statistics (ONS) has estimated that over one million people have reported experiencing long Covid, the conciliation and mediation service, Acas, has issued an advice note that may be useful to your client.
Each year company directors have a decision to make to determine whether they need to change their monthly salary for tax efficiency purposes. When it comes to a tax efficient salary for the 2021/22 tax year there are three national insurance thresholds to be aware of:
