R&D tax reliefs have supported hundreds of thousands of businesses to invest in innovation by cutting the amount of tax that they pay. However, from 1 April next year, there will be several changes to the rules surrounding R&D, which could affect how much relief you can claim. Expand eligible expenditure to data sets, cloud […]
From 11 October, the interest rates on late tax payments rise again in line with the Bank of England’s (BoE) latest base rate increase. The BoE increased the base rate by 0.5 per cent to 2.25 per cent in September, as a result of inflation. Due to this, the late payment and repayment interest rates […]
Sterling’s fall to close to parity with the dollar means that the cost of investing in UK businesses is lower than ever, especially for businesses and individuals based in the US or otherwise primarily trading in dollars. Simply put, their dollars are now worth more pounds, meaning they get more bang for their (literal) buck. […]
The markets have experienced considerable volatility as a result of the ‘Growth Plan’ delivered by the former Chancellor, Kwasi Kwarteng on 23 September. That made regaining economic confidence an urgent task for the newly appointed Chancellor, Jeremy Hunt, who has delivered a reversal of many of the key tax measures announced in the mini-Budget in […]
The Prime Minister has announced that the Corporation Tax increase announced by the previous administration and then cancelled by the former Chancellor Kwasi Kwarteng will take place in April 2023. What does the announcement mean? Companies with profits of £250,000 or more For companies with profits of £250,000 or more, the upper profits limit, the […]
The annual benchmarking data of its accountancy firm members has been released by The Corporate Finance Network at its recent national conference. TWP Accounting is the local representative firm of The CFN which is the largest alliance of its kind in the UK. It provides tools and resources to selected accountancy practices, to offer more […]
From 1 January 2023, HMRC will introduce a new point-based MTD penalty system, which will replace the existing late submission penalty regime. Under this new system, for each submission deadline that is missed, you will accrue a single point. Once you receive a certain number of points for late submission, you will receive a fine. […]
As members of The Corporate Finance Network, we have access to a tremendous amount of market intelligence and deals data. We continue to see more companies request support with exit planning and buy or sell transactions, we are always happy to have a conversation with any client and or business owners who are seeking professional […]
On 23 September 2022, Kwasi Kwarteng, the new Chancellor (the fifth in as many years) delivered a Tax Cutting “Fiscal Event” or Mini-Budget to help boost economic growth. This was in line with promises made by the new Prime Minister Liz Truss when she was campaigning to be elected as new leader of the Conservative […]
The normal budget process is for the Office of Budget Responsibility (OBR) to report on the state of the UK economy at the time of the Budget and also assess the impact of the Budget proposals. As there was insufficient time for a full OBR report, the Chancellor’s statement was referred to as a “fiscal […]
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