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A guide to HMRC R&D tax credit enquiries
In this guide I’ll unmask the ‘worry’ that is an HMRC enquiry, what it is, why it happens and what to do. I’m confident that at the end you’ll conclude that the bark of an HMRC enquiry is far worse than its bite… and definitely not worth missing out on the benefits R&D tax credits can provide your business.
Five tips on how to spring clean your business’ finances
At the beginning of any new financial year, businesses should be thinking about how to get their new financial year off to the best possible start.
Turn business losses into financial gains with R&D tax credits
An integral part of any finance application, the cash injection of an R&D credit will strengthen the overall cash flow position and associated statements. In cases where an R&D claim solely reduces profit, it also reduces the Corporation Tax liability as mentioned earlier, providing some valuable breathing space by avoiding the need for a large one-off payment to be made to HMRC.
Making Tax Digital for Business (MTDfB) – A survival guide
On the 1st April 2019 the Government will be implementing its landmark Making Tax Digital (MTD) regime, which will provide digital efficiency to the UK tax system and be an easier process for businesses and individual tax payers to maintain their accounting and tax records.
Corporation Tax Quarterly Instalment Payments (QIPs)
Corporation Tax is usually paid within 9 months and one day after the accounting period of your previous financial year. However, if your company has profits over or just below £1.5 million in an accounting period you may fall into the Quarterly Instalment Payments (QIPs) regime and be required to pay your Corporation Tax in quarterly instalments.
HMRC changes to Corporation Tax Self-Assessments
From 1st April 2019 all claims for R&D tax relief or RDEC that are made via an amendment to a CTSA, which are not made through the HMRC gateway, must be supported by a CT600, revised tax computations and, if they have not already been provided, the accounts.
R&D Tax Credit changes: Preventing tax fraud, or preventing innovation?
Philip Hammond’s October 2018 budget was always set to be one of the key political highlights last year, MPA Group Tax Advisor, Connor Whelan, looks at whether Hammond’s changes will have a positive impact on the scheme.
Expanding rewards for innovative companies
While the tax giveaways in the Chancellor’s Autumn Budget stole the headlines, a significant amount of his much-anticipated presentation focused on the ways he hoped to improve the nation’s productivity performance and outlook.
4 things your business does that qualify for R&D tax credits
When people think of research and development (R&D), they often picture large corporations or specialist science, tech or pharmaceutical companies. This explains why, despite the Government’s efforts to encourage innovation in UK industry through the introduction of R&D tax credits, only one in five (19%) of businesses that can be classed as being ‘innovation active’ have ever claimed money back for their time developing new products or processes.