Embracing AI in R&D Documentation: A New Era is Coming
Recent HMRC Guidance in preparing R&D tax credit claims included some useful information on how companies should aim to document their R&D projects - perhaps AI holds the key...
Recent HMRC Guidance in preparing R&D tax credit claims included some useful information on how companies should aim to document their R&D projects - perhaps AI holds the key...
In this video, we cover key changes announced in the Autumn Budget Statement 2023 with a particular focus on the R&D tax changes: * Merger of the SME relief into the RDEC relief for accounting periods commencing on or after 1 April 2024 * Example calculations for the merged relief
HMRC latest statistics for the UK R&D Tax Relief were released on 28 September 2023 relating to claims submitted in 2021-2022. Here we share a summary of the key points.
The introduction of the AIF is a crucial change in the R&D tax credits application process. Without this form, your claim will not be considered valid by HMRC.
HMRC is increasingly challenging R&D tax credit claims. Here we explore a recent successful defence of a sizeable claim on behalf of a UK Fintech company.
In the ever-evolving landscape of corporation tax, there's a new pitfall that companies need to be aware of: the marginal rate of 26.5%.
In this newsletter we cover: * ❌ UK individuals pay a record £16.7 bn in CGT (but missed planning opp...) * 🧐 SIC Code(s) - Check Yours if Claiming R&D Tax Credits * 🤓 Your Executive Assistant (for those who hate typing - like me 🙈) UK individuals pay a record £16.7
Weekly newsletter in which we cover changes to the R&D tax credit claim submission process using the new Additional Information Form. Plus other updates
The wait is over and the new SEIS limits announced to have effect from 6 April 2023 have now received Royal Assent and become law - great news for founders and investors!
EMI changes have been introduced to eliminate some administrative burdens and clarify the process
HMRC has released its latest statistics on the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), and Social Investment Tax Relief (SITR) government tax incentives
Here in this video we cover the R&D tax relief and its current status as HMRC ramps up formal enquiries and challenges.
Here we cover some practical issues in dealing with the new rules under the Seed Enterprise Investment Scheme (SEIS) that should have effect from 6 April 2023 (but that don't become law until July 2023...)
We are currently witnessing a sea-change in HMRC's approach to reviewing and processing R&D tax credit claims, with software development companies in particular being subject to HMRC enquiry.
R&D Tax Credits
With so much change happening in the field of R&D tax credits relief, we have put together a useful summary timeline of changes and new rules that are currently on the horizon
Company Tax
This generous temporary capital allowance aimed at expenditure on computers, furniture, plant, machinery, vans etc is set to run out after 31 March 2023.
Strategy
Sage advice from seasoned VC, Michael Jackson: Here's Tom Loverro's thread (referenced above): Here's a link to the full thread: https://twitter.com/tomloverro/status/1620466827519496194
Personal Tax
The tax burden is about to get a lot worse for director / shareholders from 5 April 2023 onwards, so here we share some proactive tax planning ideas
Personal Tax
Don't be tempted to settle your personal tax self assessment bill due to HMRC from your own company's bank account.
Personal Tax
Directors loan accounts that are in credit provide a valuable tax planning opportunity, especially at a time of rising interest and corporation tax rates
R&D Tax Credits
For many years, the default option for the majority of SMEs has been to claim the R&D tax credit rebate rather than wait for potentially higher relief - will the new 25% corporation tax rate make a difference?
Company Tax
The main rate of corporation tax is set to rise from 19% to 25% with effect from 1 April 2023. Tax planning will be necessary to manage cashflow and mitigate the impact of the marginal rate of up to 26.5%
Innovation
"Innovation" was repeated 8 times by Rishi Sunak in his recent speech. A speech intended to galvanise the British public into building a better future. Rishi placed huge emphasis on driving: 1. Innovation 2. Creative thinking within businesses across the UK. But he was (very) light on detail
Innovation
In today's fast-paced, ever-changing business landscape, innovation is essential for companies that want to remain competitive and relevant. In this blog post, we will explore the importance of fostering a culture of innovation.
SEIS / EIS
The new Chancellor, Kwasi Kwarteng, clearly sees the benefit of the SEIS relief to help kick-start the UK economy as he announces further improvements to come into effect from April 2023
Budget News
We expected some tax cuts but I don't think any of us saw this coming... £45bn of tax cuts delivered in rapid-fire in today's (not so) Mini Budget
SEIS / EIS
A potential costly error for Founders of startups is to miss the technical point that SEIS shares must be issued before EIS shares
SEIS / EIS
Overview of current government tax reliefs available for ambitious growing UK company including S-EIS, R&D tax credits, Patent Box, EMI share options
SEIS / EIS
In this video we flag a potential issue for founders who are seeking funding under SEIS and may not be aware that the NIC Employment Allowance can impact on the max £150,000 amount that can be raised under SEIS
R&D Tax Credits
HM Revenue & Customs has introduced a further form that all companies must now complete and file when claiming either the R&D tax credit relief