Research and development tax relief is an incentive from the government to encourage companies to invest in research and development activities. There is a common misconception that these incentives are aimed only at the technology sector, however, that is certainly not the case. This document outlines how research and development tax relief is more widely available than most companies realise.
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Latest News & Events
Amount of income tax paid by higher rate taxpayers up 9% in just one year to £54.3bn
The amount of Income Tax paid by higher rate taxpayers (individuals earning £150k+) has increased 9% in just one year to £54.3bn, up from £50bn in 2016/17, our research shows.
Meanwhile, the amount of tax paid by individuals earning less than £150k has increased just 1% to £123.3bn, up from £122bn the year before.
HMRC spend on private sector debt collectors soars by 62% in just a year
HMRC have increased their spend on private sector debt collectors by 62% in the last year to £39m in 2017, up from £24m in 2016.
‘Beverley Hills of Britain’ strengthens its lead as UK’s #1 tax hotspot – amount paid per person up 10% in a year
There has been a 20% increase in the amount of income tax collected from the top five towns with the highest average payments over the last five years.
Tax rises signalled by Chancellor
The Chancellor of the Exchequer, Philip Hammond, has signalled that tax rises are on the cards in the next Budget in order to pay for an increase in spending on the NHS announced on 17 June 2018.
Do you have a Requirement to Correct?
Requirement to Correct (RTC) legislation was introduced during the Finance Act 2017, to tackle offshore non-compliance. In simple terms it requires UK taxpayers to ensure that all foreign income and assets, where there may be UK tax to pay, have been correctly declared to HMRC by 30 September 2018.
Overseas, under scrutiny
‘Offshore’ and ‘Overseas’ have become dirty words in tax over the last few years. Partly because of genuine tax evasion coming to light through whistle blowers and data leaks but also because of a kind of trial by media where any foreign financial connection is viewed with deep cynicism.