All Quiet on the Tax Front

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Taxation

With the government’s time taken up in dealing with economic issues such as high inflation and public debt, we are not expecting any significant tax announcements until the Budget, due to be held next March. The General Election is likely to be held later next year, so this Budget may well contain a lot of changes, even if they don’t take immediate effect.

This period of relative tax stability gives us the chance to devote a good part of this newsletter to two main topics. We will remind you about many of the tax issues associated with buying business vehicles, particularly electric ones, as this area has been in the news a lot following the recent by-elections. We also explain some of the details of the recent changes to research and development tax reliefs, which remain very generous but less so than in the past. More onerous compliance procedures have also been introduced in this area for those companies wishing to claim relief. Among the other topics we cover are the expansion of the Seed Enterprise Investment Scheme and stamp taxes when buying run-down properties. We also look at a not uncommon form of tax planning within small companies that HMRC says it will challenge.

If you wish to discuss any of the issues, or anything else concerning tax, we are here to help, so please contact us.