Beware of ‘Rogue’ R&D Consultants

HMRC has identified and successfully challenged several false claims for Research and Development (R&D) tax credit relief made by purported R&D Consultants. Over the last 12 months Folkes Worton has made over 20 claims for clients ranging between £13.5k and £150k - they have all been accepted by HMRC.

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Reports of Furlough Fraud on the Rise

Reports to HMRC of possible furlough fraud have doubled in recent months. The Furlough scheme has protected 11.4 million jobs, costing £57 billion of Chancellor Rishi Sunak’s total bailout plan of £352 billion. Reports of potential fraud on this and other COVID support schemes such as the ‘bounce’ back’ loan … Continued

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Holiday homes registered for business rates will now have to meet HMRC's qualifying criteria in a new clampdown...

Clampdown on Holiday Home Rates Relief

From April 2023 a holiday home will only be liable for business rates and potentially qualify for Small Business Rates Relief (SBRR) and that it is actually let as holiday accommodation for a minimum number of days. Homeowners need to have evidence of this starting from April 2022.

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Puppy Boom Under Tax Scrutiny

With the prices for puppies increasing so drastically through the pandemic and some breeds fetching price tags as high as £3,000, HMRC is now reviewing the sale of litters for potential tax revenue. As has been mentioned in a previous post, you can make up to £1,000 profit a year … Continued

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New Penalties for Overclaiming

Penalties of up to the full amount claimed will be imposed by HMRC on businesses found to have overclaimed any of the support provided by the Government during the current crisis. Investigations into Coronavirus Job Retention Scheme (CJRS), Self-Employed Income Support Scheme (SEISS) and Eat Out to Help Out claims … Continued

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