HLAS

If you would like to legitimately reduce your 2021/22 tax bill that you have just paid, or your bill for 2022/23, you might want to consider investing in shares in qualifying Enterprise Investment Scheme (EIS) companies. Under this HMRC approved scheme every £1,000 you invest reduces your tax bill by £300 (30%), provided you are not connected with the company. Broadly you are not allowed to be an employee or control more than 30% of the company. The reduction in your tax bill is available in the tax year in which the shares are issued, however you may elect to [...]

The government are committed to a number of important changes to Research & Development (R&D) tax relief from 1 April 2023. It also looks increasing likely that the two existing systems will be merged into a single system in future years and we hope to hear more in the March 2023 Budget. We already know that there will be a significant reduction in the tax relief available to qualifying SME companies from 1 April 2023, with the current 230% tax relief reducing to just 186%. The effect of this change combined with the reduction in the credit rate will reduce [...]

Companies considering the acquisition of new plant and machinery need to be aware that the temporary ‘super-deduction’ of up to 130% for the cost of acquiring new plant ends on 31 March 2023. Consequently, corporate businesses may wish to bring forward planned expenditure to take advantage of this enhanced tax deduction, utilising hire purchase agreements if funds are otherwise unavailable.

A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT applies to return periods commencing on or after 1 January 2023. The same system will also apply to the returns to be submitted under MTD for income tax, when it eventually starts! Under the new regime, taxpayers will accumulate points for late submissions, and only after reaching a certain threshold will an automatic penalty be imposed. The threshold will depend on how regularly the taxpayer is required to submit a return. For a typical business submitting VAT returns quarterly an automatic £200 penalty [...]

Although the start of MTD for ITSA has been delayed to 2026 at the earliest, the start date of the new regime for taxing the profits of unincorporated businesses on a tax year basis has not been delayed and the transition will still take effect in the tax year to 5 April 2024. This will be a major change for those unincorporated businesses that prepare their accounts to a date other than 5 April or 31 March. From 6 April 2024 such businesses will need to compute their taxable profits from 6 April to 5 April each year, regardless of [...]

The Department for Work and Pensions (DWP) has announced more detail on the payment schedule for the next round of cost of living support. The cash for means-tested benefits claimants, including those on Universal Credit, Pension Credit and tax credits, starts in Spring and will go direct to bank accounts in three payments over the course of the financial year. Exact payment windows will be announced closer to the time but are spread across a longer period to ensure a consistent support offering throughout the year. They will be broadly as follows: £301 – First Cost of Living Payment – [...]

The 2017 non domestic rating list is closing. This means that you have up until 31 March 2023 to check that the factual information the Valuations Office Agency (VOA) holds about your property on this list is correct, and to let them know if it isn’t (this is known as making a Check case). You will then be able to challenge the 2017 assessment if you are not happy with the outcome. You will need to have an account set up on the Government Gateway and claim your property before you can make a Check case. There is a helpful video [...]

The Department for International Trade’s (DIT's) inaugural awards will recognise and celebrate the global trading success of small businesses from across the UK. The winning businesses from across seven categories will receive a 2023 winner's certificate and digital badge. They will also receive a high-profile visit from a DIT representative to celebrate their exporting success. The categories are: Agriculture, Food and Drink, Consumer Goods, Creative Industries, Digital Education, Financial and Professional Services, and Manufacturing. The deadline for submissions is 11:59pm on Thursday 23 February 2023. See: Made in the UK, Sold to the World Awards 2022 (qualtrics.com)

Innovate UK, part of UK Research and Innovation, will invest up to £6 million to help develop industry ready robotics and automation solutions for deployment within manufacturing production environments. The solutions should focus on demonstrating innovations to deliver productivity, sustainability, and resilience improvements to the manufacturing processes. Your project must: be robotics or automation focused within a factory production area, be focused on value-adding production tasks or directly associated load, unload and move tasks, include a physical deployment within a manufacturing facility or very near equivalent, for example, a comparable development facility, and demonstrate a clear, scalable commercial exploitation route [...]

The Nation will have the opportunity to join a weekend of celebrations to mark the Coronation of His Majesty The King and Her Majesty The Queen Consort Coronation Big Lunches, thousands of street parties, and The Big Help Out will bring communities together over special Bank Holiday Coronation weekend The Coronation will take place on the morning of Saturday May 6 at Westminster Abbey, London. On Sunday May 7 a spectacular Coronation Concert at Windsor Castle will showcase the country’s diverse cultural heritage in music, theatre and dance. One of the highlights of the concert will be “Lighting up the Nation”, in [...]