R&D tax credits: Claims to be limited from April 2020

R&D tax credits: Claims to be limited from April 2020

Why HMRC elected to bring back PAYE/NIC cap for R&D tax credits and what does this mean for your claim? As things stand, R&D tax credits are available to loss making companies with relevant qualifying expenditure at a rate of 14.5%. This means that small and...
Tax Planning: Annual Investment Allowance set to reduce

Tax Planning: Annual Investment Allowance set to reduce

The annual investment allowance (AIA) is a capital allowance which allows a 100% tax deduction for qualifying expenditure (most expenditure which qualifies for capital allowances) incurred in an accounting period. This relief is normally capped at £200,000 per annum...
Changes to off-payroll working rules (IR35)

Changes to off-payroll working rules (IR35)

There are some important changes to employment taxes coming into effect from 6 April 2020. Are you affected? You are affected by the changes to the off-payroll working rules (IR35) if: You are a contractor who works through an intermediary, e.g. your own limited...
Our tax change predictions for 2020

Our tax change predictions for 2020

Usually, by this time of year we’d have a fairly clear picture of the tax changes set to take effect in April. But 2019 has been unusual in many ways, and as the Budget originally planned in November was cancelled to make way for the general election,...
No company car tax from April on pure electric vehicles

No company car tax from April on pure electric vehicles

HMRC rules from 6 April 2020 mean that company car drivers choosing a pure electric vehicle will pay no benefit-in-kind (BIK) tax in 2020/21. In its long-awaited response to the review of WLTP and vehicle taxes, HMRC has removed the previously published BIK rates for...
‘Tis the season for trivial benefits

‘Tis the season for trivial benefits

With the season of goodwill upon us our tax team look at a little known and little utilised tax saving, known as trivial benefits. Trivial benefits is a mechanism whereby employees and/or directors can be given trivial benefits such as vouchers or maybe even office...