Following on from the Spring Budget 2020, the Government has announced that they are now consulting on the eligible expenditure that can be included in Research and Development (“R&D”) tax credit claims. The last formal consultation on the qualifying cost categories for R&D was published in November 2010 and the Government feels that now is the right time to reassess this area of the relief.
As lockdown starts to ease allowing national and international travel to slowly increase, and employers start finalising their plans to open office doors again, there are lots of unknowns around what the ‘norm’ will be for businesses going forward.Will video calls continue to replace face to face client meetings? Will people rush back to working in the office? Although there have been lots of ‘bumps in the road’ for businesses in 2020, providing the best client service for local, national and international clients has remained constant at AAB.
After weeks of lockdown, and searching for some much needed escape from COVID news, I came across BBC 2’s latest documentary “Inside Monaco: Playground of the Rich”. It allowed for a fascinating insight into this country which has extraordinary wealth, attracting the super rich from across the world.
Chancellor of the Exchequer, Rishi Sunak, has recently implied that Capital Gains Tax (“CGT”) rates will come under increased scrutiny, as the Government attempts to fill the budget deficit caused by the ongoing COVID-19 pandemic. With the Autumn Budget soon approaching, these reforms may now just be a matter of weeks away!
HMRC’s very own “tax gift that just keeps giving”…
Since March 2020, the UK government has provided significant financial support to families and businesses to help support them through the COVID-19 pandemic. Although the country is not out of the woods yet, the economy is starting to reopen and the big question on everyone’s mind is ‘How will we pay for this?’
Midnight on 30 June 2020 has come and gone, and with it, the ability for the Brexit Transitional period to be extended beyond 31 December 2020. We are now in the final 6 months of the UK’s marriage with Europe, falling just short of celebrating the golden anniversary.
Following the tightening of travel restrictions due to COVID-19, many employers have been faced with having employees who would normally work wholly overseas, ending up based in the UK and carrying out their role either from a residential address, hotel or a Company base in the UK.
As the world reduces its reliance on fossil fuels, there becomes an ever-increased demand for energy that is derived from renewable sources. One sector we have seen a significant increase in businesses working in is the offshore windfarm industry including both the operation of windfarms and the provision of services to allow these windfarms to operate. The increase in offshore windfarms is a global theme with many countries moving away from traditional energy sources and looking for a more sustainable supply.
As time goes by and there are attempts to get life back to "normal", many workplaces will find themselves with a real mix of employee work situations. For many, the return to an office or normal place of work can’t come quick enough and for others a sense of anxiety means they are likely to choose working from home for as long as possible.
The Energy sector today is a constantly changing, evolving and complex landscape. It is continuously seeking to find an equilibrium in the turbulence of supply and demand, fossil fuels and renewables, and survival and growth. All of which is underpinned by fierce competition for investment.
As part of his plan for job retention , Chancellor Rishi Sunak announced that UK employers would receive a one-off bonus of £1,000 (“JRB”) for each furloughed employee who is still employed as of January 31 2021.
Discussions have been in place regarding modernising the UK Tax system for several years, with VAT being the first of the UK Taxes to make the move with Making Tax Digital (MTD), rolled out in April 2019 for VAT registered businesses with turnover above the threshold of £85,000. From April 2022 MTD for VAT will be extended to all VAT registered businesses.