Energy saving materials relief extended from February 2024
[ad_1] The VAT zero rate will be extended to more energy saving materials. The relief will also be available for installations in certain charity buildings. Following the Spring Budget 2023, HMRC launched a call for evidence seeking views on whether the VAT zero rate for the installation of energy saving materials (ESMs) should be extended. The […]
R&D tax relief merger to go ahead despite concerns
[ad_1] Jeremy Hunt has confirmed in the Autumn Statement that the two existing research and development tax relief schemes will merge with effect for accounting periods from 1 April 2024. The UK currently has two schemes for providing tax relief for qualifying research and development (R&D) expenditure: enhanced tax relief and payable credits for qualifying […]
HMRC’s overlap relief form to launch on 11 September
[ad_1] The form to request overlap information had originally been planned to launch on 29 August 2023, but has been delayed by two weeks. The new online overlap relief form will allow unincorporated businesses and their agents to request the information HMRC holds on the available overlap relief that must be claimed in the 2023/24 […]
HMRC guidance on handling R&D tax relief claims
[ad_1] New guidance in HMRC’s corporate intangibles research and development (CIRD) manual focuses on procedures for companies with customer relationship managers but includes some points of wider interest that would also apply to smaller companies. The new guidance in HMRC’s corporate intangibles research and development (CIRD) manual can be found as an update to CIRD80370. […]
Features of a merged R&D tax relief scheme
[ad_1] On 18 July, this year’s Legislation or ‘L’-Day’, the government published draft legislation setting out the design for a merged research and development (R&D) tax relief scheme. However, no decision has been taken to introduce a merged scheme. The publication of draft legislation follows a consultation on a potential merger of the research and […]
HMRC announces overlap relief information request form launch
[ad_1] The new online form will allow unincorporated businesses and their agents to request the information HMRC holds on the overlap relief available to them on transition to a tax year basis of taxation from 2023/24 or earlier. Currently, if sole traders, partners or agents wish to obtain overlap information from HMRC, they need to […]
Overlap relief – new form to help with move to tax year basis
[ad_1] This summer HMRC plans to launch an online form to deal with requests regarding overlap relief and the administration of basis-period reform. Self-employed taxpayers with a year end other than 31 March or 5 April will be affected by the move to a tax year basis. They will need to establish any overlap relief […]
HMRC to contact R&D tax relief claimants
[ad_1] HMRC is writing to approximately 200 companies who have made an error in their recent R&D tax relief claims. The correspondence will ask those companies to complete a questionnaire providing feedback on their experience of the process. All recipients of the letter or email from HMRC will have been part of HMRC’s mandatory random […]
ICAEW considers extension on VAT relief for energy saving
[ad_1] The Tax Faculty expresses concerns with the expansion of VAT reliefs generally, but considers the extension of the zero rate the best option at the current time. In ICAEW REP 47/23, ICAEW’s Tax Faculty notes that VAT reliefs are not the optimal policy tool for driving behavioural change. In this case, the behavioural change […]
Employers hiring veterans can claim relief on secondary NIC
[ad_1] Organisations employing former UK military personnel can claim relief on secondary national insurance contributions (NIC) for the first 12 months of a veteran’s civilian employment. The relief is available for any former member of the regular armed service (Army, Royal Navy or Royal Air Force). Guidance states that a veteran is defined as anyone […]