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Category: <span>Research and Development</span>

Year-End Tax Planning

Maximising benefits for your business We are now within the final two months of the tax year, and for many businesses, the end of the tax year is also the end of the business’s financial year. This can be a good time to review your business tax planning to ensure…

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Autumn Statement Summary

On 22nd November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament. Headlines included generous National Insurance Contribution (NIC) cuts for workers and the self-employed and the ‘biggest permanent tax cut in modern British history for businesses’. Below, we summarise the Autumn Statement headlines and other measures announced. Please…

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Tax Update September 2023

Welcome to the September 2023 Tax Update. In this edition we take a look Tax-Free Childcare Accounts, Child Benefits, changes to the R&D Relief Scheme, IHT on Pension Funds, and this month’s events on the accounting horizon. If you need any help or advice on any of these topics, please…

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Changes for Research and Development Claims

Additional information required for Research & Development (R&D) claims  The latest Finance Act includes two changes that will affect all R&D claims: A requirement to provide additional information before an R&D claim is made; and A requirement for certain companies to make a claim notification within six months after the end…

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Tax Update August 2023

Welcome to the August 2023 Tax Update. In this edition we take a look the additional information required for R&D claims, Tax-Free Childcare Accounts, Company BBQs, Inheritance Tax, HMRC’s further interest rate rises, and this month’s events on the accounting horizon. If you need any help or advice on any…

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Tax Update from Folkes Worton LLP Chartered Accountants

Tax Update March 2023

Welcome to the March 2023 Tax Update! In this edition we look ahead to the Spring Budget, ‘nudge’ letters from HMRC about R&D claims, penalties for errors in tax submissions, the updated advisory fuel rates for company cars and key dates on the Accounting Horizon. Will the Spring Budget Stimulate…

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Tax Update - February 2023

Tax Update February 2023

Welcome to the February 2023 Tax Update! In this edition we look at the delay to Making Tax Digital – again! The new VAT penalty regime, 130% Super Deduction ending soon, changes to R&D this April and key dates on the Accounting Horizon. Making Tax Digital for Income Tax Delayed…

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Tax Update December 2022

Tax Increases and Public Spending Cuts The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include ‘eye-watering’ cuts in public spending and tax rises for those with the ‘broadest shoulders’. Unlike the ill-fated Fiscal Event of 23rd September, the Government ‘rolled…

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Autumn Statement News 2022

Here’s a brief overview of today’s Autumn Statement from the Chancellor, Jeremy Hunt: Personal Tax Reduction in the 45p threshold to £125,140 from £150,000 (this will cost Additional Rate Taxpayers £1,250) All other allowances and thresholds to remain the same until the end of March 2028 (which means that the…

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Research and Development – an Inland Revenue Update

In the light of a recent article in The Times last week, the HMRC Press Office issued the following tweet: “By acting quickly to pause payments and implement additional checks on claims we have protected £46 million of public money. We have also arrested 8 people suspected of conspiring to…

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