HLAS

Innovate UK KTN publishes interactive report ‘Meeting Net Zero with the Power of Place’ on how location data can help us fight against climate change. The report, which comprises videos, case studies, as well as written commentary, explores the vast potential of geospatial data, innovation inclusive growth, collaboration, system thinking and cultural change in dealing with global challenges. Cross-sector examples include: Energy – Geospatial data has the potential to uncover suitable sites for greener energy generation such as solar, wind and wave power; the locations for such sites are predicated by earth observation data on geography, natural climates, and prevailing [...]

This is a Small Business Research Initiative (SBRI) competition funded by the UK Atomic Energy Authority (UKAEA). Organisations can apply for a share of £2 million to develop solutions to encourage innovation in the fusion industry through the use of: novel and innovative heating and cooling systems materials manufacturing and technologies To lead a project, you can: be an organisation of any size work alone or with other organisations as subcontractors Contracts will be awarded to a single legal entity only. The competition closes on Wednesday 22 June 2022 at 11am. See: Competition overview - SBRI: Fusion Industry Challenges - phase 1 [...]

HMRC is urging businesses to move to its new customs IT platform now to continue trading and is writing to businesses to support them with the changes. The letters and emails include further information about making the move to the UK’s single customs platform – the Customs Declaration Service – and sets out the steps businesses must take now to ensure they can continue trading. They also signpost to online resources to support businesses through the process. Whether you make your own declarations or use an intermediary, HMRC is urging you to act now to plan and make your move to the Customs [...]

The UK government have launched a new website to help you find the support available to you to help with the cost of living. Find out about: Supporting your income Help with your bills Help with childcare costs Housing support Help with transport costs Help finding work For further information visit: Cost of Living Support – Get government support to help with the cost of living (campaign.gov.uk)

Here is a summary of information provided by HMRC on tax reliefs available for innovative companies. Please contact us if you need more information. Patent Box The aim of the Patent Box is to provide an additional incentive for companies to retain and commercialise existing patents and to develop new innovative patented products: Corporation Tax: The Patent Box – GOV.UK Guidance CIRD200000and pages following set out the qualifying criteria CIRD275000includes a flowchart for the computation required. Research and Development Tax credits (R&D), (including Advanced Assurance)  Research and Development (R&D) tax relief (or credit) is a company tax relief that may [...]

Do you agree?  Most of our other clients do.  In this economy CASH IS KING and managing your cash flow is more important than ever. If you are concerned about the future of the economy, then take some time to reflect on where you are and what could happen in the next few months. It is now vitally important for all businesses to plan ahead for a range of scenarios. Cash flow and business planning in these uncertain times may appear difficult but there are some practical steps you can take to minimise potential disruption to your business. Review your [...]

Unbelievably there were very few changes to the HMRC advisory fuel rates from 1 March 2022, which may not have been your experience at the filling station! Now that the increased prices have fed through into the HMRC calculations there are some significant increases from 1 June 2022, as set out in the table below. In cases where the employee pays for the car fuel, these mileage rates should be used by the employer to reimburse the employee for business journeys. In cases where the employer pays for the car fuel, these mileage rates should be used by the employee [...]

When a married couple or civil partners separate, tax planning is understandably not at the top of the list of their thoughts. However, a ‘no gain/no loss’ rule allows capital assets to be transferred between them free of capital gains tax (CGT) up to the end of the tax year in which they permanently separate. Beyond that date, asset transfers between the couple will often give rise to a CGT liability. With many divorce settlements taking several months this is worth careful consideration. The Office of Tax Simplification has recommended to the Treasury that the no gain/no loss rule should [...]

Many employers and employees have been putting in place salary sacrifice arrangements to give up some of their contractual salary in exchange for additional pension contributions or an electric company car. In these specific cases and if correctly structured, the employee is taxed on the lower of the taxable benefit and the salary foregone. In the case of the electric car the benefit is currently 2% of the original list price. There is no taxable benefit on employer pension contributions. When the director or employee enters into the salary sacrifice arrangement, they must agree with their employer to vary the [...]

The shortage of semiconductors has meant long delays in the delivery of new cars. This has caused many company car drivers to choose a second hand car instead, but what are the tax consequences? Unless the car has zero emissions, the capital allowance rules are the same for new and used cars bought by the business. Plant and machinery capital allowances may be claimed on the purchase price of the car at either 18% or 6%, depending on whether the CO2 emissions for the vehicle are below or above 50g CO2 per km. Where a zero-emission car is acquired by [...]