Jan 7, 2025 | Business Tax
Employers will face higher costs from April as increases in the minimum wage and National Insurance (NI) take effect. Analysis by the Centre for Policy Studies (CPS) reveals that a full-time employee on minimum wage will cost businesses £2,583 more per year. In 2024,...
Jan 6, 2025 | Business Tax
HMRC has launched a special R&D Disclosure Service for companies with overclaimed research and development (R&D) tax relief but can no longer amend their corporation tax returns. This scheme applies to businesses needing to pay additional corporation tax or...
Dec 18, 2024 | Business Tax
The number of UK businesses using tax havens has halved as HMRC gains better access to data. Research by Pinsent Masons shows the number of companies registered in key tax havens without meeting ‘substantial activity’ requirements has dropped from 512 to 294. HMRC’s...
Dec 13, 2024 | Business Tax
The amount of research and development (R&D) tax relief claimed by SMEs has been declining since its peak in 2021/22. Payments to SMEs reached £4.7 billion that year, up from £4.2bn in 2020/21, but are forecast to drop to £3.1bn in 2024/25. Claimant data for...
Dec 11, 2024 | Business TaxPersonal Tax
HMRC has introduced an online calculator to assist self-employed individuals and partnerships in determining their overlap relief figures for the 2023/2024 tax year. This tool is designed to aid taxpayers in accurately reporting their taxable profits during the...
