Research and Development (“R&D”) tax relief is a government initiative to support businesses investing in innovative activities. There are two R&D tax relief schemes that companies can claim under – the SME scheme and the large company or RDEC scheme. Both are beneficial to companies in either reducing a tax liability or creating a payable tax credit.
No longer content with targeting landlords directly for any unpaid tax, HMRC have now decided to change tactics, and instead issue letters to individual tenants, quizzing them on the tax status of their landlords. The aim is to establish whether rental income has been correctly declared, and tax has been paid, in cases where they think the property is owned by an overseas landlord, company or trust.
Whether your business was one of the majority of VAT registered businesses required to file via HMRC’s new MTD platform with effect from 1 April 2019, or you were granted a deferral until 1 October, the first phase of Making Tax Digital (“MTD”) is now a reality for all businesses. This first phase, digital submission, was the easy bit... provided that you had functional compatible software or had access to a bridging solution, submission of the 9 box VAT return information to HMRC was straight forward.
Due to the close business links and increased work opportunities, Norway continues to be an attractive work location for UK companies. However, the Norwegian authorities have recently adopted a more aggressive stance on non-resident companies working in Norway, demanding that all such companies must submit Norwegian Corporation Tax Returns and pay the resulting Norwegian Corporate Tax if applicable. This stance is adopted whether a company is performing business activities in Norway or merely providing personnel to their Norwegian customers under a ‘Hire of Labour’ arrangement.
The Private Client team at Anderson Anderson & Brown LLP is one of the largest in the North East of Scotland, with extensive experience in advising individuals and businesses on all aspects of their tax affairs. The team, headed up by Partner Derek Mitchell, provides a comprehensive tax service including specialist succession planning advice for individuals, business owners and their wider families.
HMRC have ‘bulk mailed’ letters to wealthy offshore fund holders, which is understood to be connected to their receipt of information from overseas jurisdictions and financial institutions, following global data sharing of information.
With Gender Pay Gap Reporting, introduced in April 2017, now into the third year it’s still a topic that seems to strike fear into many companies.
2019 has been an interesting time for deal-making with economic, political, and regulatory uncertainty showing no signs of relinquishing which have, unsurprisingly, seen some buyers think twice before acquiring.