HMRC has changed how it now approaches determining whether or not an activity is a business activity. Hydeam Sulton explains what this means for charities, not for profits and providers of nursery and creche facilities.
HMRC have published a new factsheet which sets out the penalties that may be imposed for failing to comply with Making Tax Digital (MTD) for VAT requirements. Here, our Head of VAT & Indirect Tax, Hydeam Sulton, describes the penalties and how you can avoid them.
Here Becky Bowness, Partner and Head of Tax, explains how the mechanics of Research and Development (R&D) tax relief is due to change, including extending the range of qualifying expenditure, a refocus on inward innovation and enhanced claim management using digital input.
Research & Development (R&D) tax relief is one of the most generous corporate tax reliefs offered by the UK Government, but many businesses miss out as they wrongly believe they are not eligible to apply.
The Chancellor announced in the Spring Budget that the VAT rate applicable to the installation of energy saving materials and technologies will be reduced to 0%, from 1st April 2022 until 31st March 2027.
The Fifth EU Money Laundering Directive, commonly known as 5MLD, which took effect for trusts from 6 October 2020, then extended this requirement to now apply to the vast majority of trusts (even non-taxable trusts), unless specifically excluded.
Whilst the Chancellor’s measures are all welcome, they are just a drop in the ocean compared to the massive increase in input costs faced by farmers in recent months.
Whilst the support for Business was less apparent during Rishi Sunak’s Spring Statement, the focus was on consultation over the summer with a view to cutting taxes and encouraging investment for business in the Autumn.