UK’s ‘science superpower’ dreams at risk due to HMRC crackdown on R&D tax relief fraud January 24, 2023 The UK’s goal to become a ‘science superpower’ is at risk as an increasing number of British firms move their R&D activity abroad, due in part to HMRC’s crackdown on fraudulent tax relief claims, a new report says. More than two-thirds (69 per cent) of UK businesses moved R&D activity abroad last year, figures from [...]
With an average claim in excess of £50k, it really is time to see if you qualify for an R&D Tax rebate January 23, 2023 What are Research and development tax credits? Simply put R&D Tax Credits are a niche, but a lucrative part of the UK tax code that could bring your company significant tax relief. Most companies we speak to at SAS R&D don’t think that they will qualify for these payments with the common misconception amongst business [...]
Nadhim Zahawi tax row: Tory chair faces fresh questions over claims he paid penalty in seven-figure settlement January 20, 2023 Tory party chairman Nadhim Zahawi faces fresh questions over his tax affairs after he was accused of paying a penalty as part of a multi-million pound settlement with HMRC. The former Chancellor, who attends Rishi Sunak’s Cabinet, has been under pressure since it was reported that he paid a seven-figure sum to end a dispute. [...]
Self assessment: It’s that time of the year (again), but filling in your tax return is nothing to be scared of January 20, 2023 The self-assessment tax return deadline is almost here, and many people have yet to file theirs, so City A.M has asked Jenny Holt, managing director of customer savings and investments at Standard Life, for some advice. First things first though, the deadline for filing self-assessment tax returns is 31 January, with returns needing to be [...]
Corporate insolvencies surge as firms struggle to survive harsh economic climate January 17, 2023 The number of company insolvencies in December 2022 was 76 per cent higher than before the Covid-19 pandemic, new data from the ONS revealed on Tuesday. There were 1,964 company insolvencies in December 2022, 32 per cent higher than the previous year and 76 per cent higher than the 1,119 registered in December 2019. Fladgate’s [...]
Inheritance tax: London property nets HMRC £820,000 in death duties on average, double other regions’ intake January 9, 2023 Property makes up half the wealth of estates in London paying inheritance tax (IHT) – around twice as much as most other regions, according to a retirement specialist. An HMRC Freedom of Information (FOI) request from retirement specialist Just Group revealed that in 2019-20, the latest financial year of available data, property accounted for 50 per cent [...]
Taxes and shares: Making sure crypto founders do not flounder December 31, 2022 Jaspal Pachu and Cathy Wears of CMS Law navigate the territory of crypto investment rounds and potential exits.
Trump tax returns released ending long effort to keep them private December 30, 2022 Former US president Donald Trump’s tax returns have today been published by a Democrat controlled House Committee after he long tried to keep them out of public sight. The documents shed more light on reports from the House Ways and Means Committee earlier this week that revealed Trump and his wife Melania Trump reported negative [...]
EXCL – Sunak should lower national insurance in 2023, argues jobs chief December 28, 2022 With inflation having reached a 40-year high this year and the economy predicted to shrink in 2023, City A.M. zooms in on the volatile, hyperactive UK jobs market by checking in with Paul Farrer, the CEO and founder of London-based recruitment giant Aspire. Sitting down with this paper today, Farrer calls on the new Prime [...]
Brits untroubled by rising mortgage rates as property transactions rise December 21, 2022 Monthly property transactions have increased across the UK and returned to pre-pandemic levels despite the ongoing cost of living crisis. Today, HM Revenue and Customs (HMRC) published statistics indicating that monthly property transactions in the UK above £40,000 have increased consecutively over the past nine months. Frances McDonald, research analyst at Savills said: “In light [...]