Tax relief
Audio-visual tax reliefs
September 21, 2023The film, TV and video games tax reliefs will be reformed, becoming expenditure credits (similar to RDEC) instead of enhanced deductions, from 1 April 2024. The new Audio-Visual Expenditure Credit (AVEC) will replace the current film, high-end TV, animation and children’s TV tax reliefs. The expenditure threshold for high-end TV will remain at £1 million
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All Quiet on the Tax Front
September 21, 2023With 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
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The regressive system of self-assessments
September 12, 2023Approximately 40% of the penalties collected for late-filing of income tax self-assessment returns are attributed to individuals who do not have any income tax liability whatsoever. This intriguing statistic underscores the importance of understanding the tax regulations. A significant portion of those facing penalties might not have been aware of their obligation to file a
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Squeeze value out of your losses
February 5, 2023If your unincorporated business made a loss during the COVID pandemic in 2020/21 or in 2021/22, you will want to set off those losses against profits and receive a tax refund as soon as possible. Fortunately, the rules for pandemic losses allow you to do this. A trading loss from 2020/21 or 2021/22 can be carried
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Accelerate tax relief!
February 5, 2023The end of the accounting period for your business is a key point for tax planning. You can save or delay tax by advancing the acquisition of assets to before the end of your accounting period. This permits you to claim the capital allowances associated with those assets earlier. If you trade through a company,
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R&D tax breaks
December 7, 2021R&D tax breaks Companies that invent new production methods or products can claim enhanced tax relief for the Research and Development (R&D) costs. Small and medium-sized companies can claim 230% of qualifying R&D costs and a 14.5% payable tax credit if this extra deduction results in a loss! This is a very attractive relief and
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Tax break on savings
December 7, 2021Tax breaks on savings You can save for retirement in a number of ways. The traditional route is via a pension scheme, but you could also use an ISA. Savers aged under 40 can open a Lifetime ISA (LISA) and contribute up to £4,000 per year, which attracts a 25% bonus from the Government. This
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