News

£56 million overpaid in pension tax
15 August 2023

In the second quarter of 2023, overpayments on pension tax in the UK reached £56 million. This was an increase of nearly £8 million from the first quarter of the year, according to HM Revenue & Customs (HMRC). This figure is almost double the £33.7 million collected in the same period the previous year.
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New R&D supplementary information form in effect
15 August 2023

As of 8 August 2023, all Research and Development (R&D) Tax Credit claims require the submission of an online Additional Information Form (AIF) providing supplementary project details. The form must be completed prior to the submission of the company tax return. If the form is not submitted, the R&D claim will not be incorporated...
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Inflation and increased interest rates – What does it mean for businesses?
24 July 2023

Office for National Statistics (ONS) data revealed that the Consumer Price Index (CPI) – the official measure of inflation – only fell to 8.7 per cent in the 12 months to May 2023. While the rate of inflation is not as high compared to previous months, where it peaked at 10.4 per cent in February...
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HMRC sets its sights on SMEs over UK tax gap
24 July 2023

The tax gap in the UK – the difference between the amount of tax owed and the amount that has been paid – remains wider than anticipated due to SMEs, according to HM Revenue & Customs (HMRC). The tax authority’s figures for 2021/22 show that small and medium-sized enterprises (SMEs) contribute significantly...
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The hidden economy: What income should you declare?
24 July 2023

The number of individuals participating in the UK’s ‘hidden economy’ is increasing according to recent research. A surge in additional income streams, from moonlighting to online trading, has led to millions of taxpayers failing to declare additional earnings to HM Revenue & Customs (HMRC).
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Management accounts: The importance of having a clear view of your business during uncertain times
24 July 2023

In times of economic uncertainty, businesses should have a clear plan to ensure that they can navigate any potential financial pitfalls. One of the best ways businesses can do this is with the use of management accounts. What are management accounts?
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Time to exit: New research shows many business owners are planning ahead
24 July 2023

New research from wealth management firm Evelyn Partners has revealed that the majority of business owners with companies that earn more than £5 million annually are preparing for an exit. With 65 per cent of UK business owners contemplating the sale of their company, and almost half intending to do so within the next year...
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Are banks supportive of SMEs and willing to assist their growth?
24 July 2023

Small and medium-sized businesses (SMEs) have struggled to access finance from banks for a while, with many having to turn to alternative lenders and sources to secure much-needed funding for investment. However, the scale of this issue has not previously been explored in significant detail until now.
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Car vs Van – Tax treatment of electric vehicles
12 June 2023

There have been several important tax decisions previously regarding the difference between vans and cars, but how do the different rules regarding electric vans affect their tax treatment? Let’s use a hypothetical: A Ltd has acquired a new electric company van that its director, Bob, uses to go to and from work...
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Roadside charging – How to account for credit card payments
12 June 2023

With a growing number of company car owners using electric vehicles, many are deciding or being permitted to use company credit cards to pay for roadside charging. However, what are the implications of this for the employee and business alike?
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