As of 6 April 2017, employers with an annual wage bill of more than £3million must pay the apprenticeship levy towards apprenticeship funding. The levy is charged at 0.5% of the annual wage bill and is reportable to HMRC each month with each employer having an allowance of £15,000 to offset against their levy payment. [...]
Many companies' accounting periods are aligned with calendar year. A few simple planning tips implemented before 31 December 2017 can ensure that these companies can accelerate corporation tax relief and reduce their corporation tax liability due for the current year. Accelerate capital expenditure Each company and its associated companies share an annual investment allowance (AIA) [...]
The Government's proposals to extend its "off payroll workers" rules to the private sector could do harm disproportionate to the extra tax collected The most striking aspect of the Budget was the somewhat depressing news on the state of the economy, and the downgrading of growth predictions. It was actually rather light on major tax [...]
The end of the year is generally a good time to reflect on the passing year but also make plans for the forthcoming one. The starting point for businesses to reflect on performance is often by looking at the financial results but it’s worth thinking about other ways too. A trusted business advisor, customer and [...]
We will post a more detailed summary of the Budget proposals in the coming days, but in the meantime here is a summary of some of the items that catch our eye and may be most relevant to our clients. We also comment on welcome proposals to clamp down on the industrial scale tax avoidance [...]
Research and Development Tax Credits Are you missing out on the generous reliefs that reward innovation? Companies can benefit from up to 33% cash back by making a successful Research and Development (R&D) tax relief claim. R&D tax credits are still an underclaimed relief. This is due to advisors and companies misunderstanding what can be [...]
Company profit extraction Review your approach to plan for the reduction in the dividend allowance The reduction in the dividend tax allowance from £5,000 to £2,000, announced in the Spring Budget, will be effective from April 2018. So with the 7.5% dividend tax starting when dividends exceed just £2,000 a year, company owner/managers need to [...]
What does the Chancellor have up his sleeve – and what is already in the Finance Bill? We have already had one Budget this year, but many of its announcements had to be excluded from the Finance Act which would have made them law, as the Bill had to be slimmed down to rush it [...]
It's exciting times for us at Corrigan Associates Since we opened our doors nine years ago, the Practice has developed at pace. We continue expanding to meet our clients' needs and have recently welcomed four new recruits. Stuart Crisp has joined us as an Audit Partner and the Accounts and Audit team has increased by [...]
HMRC has recently released its annual report on the amounts raised under the Enterprise Investment Scheme and Seed Enterprise Investment Scheme, for the year ended 5 April 2016. Although the figures for both schemes were slightly less than the previous year, at £1,647m for EIS and £170m for SEIS, these are still impressive sums of [...]
Making Tax Digital ("MTD") is HMRC’s ambitious project to shift the UK's tax system onto a totally digital platform, with more frequent updates and more opportunity for HMRC to analyse and review the information presented to them. HMRC's guidance is very clear that as well as benefiting taxpayers by streamlining the administration of their tax [...]
Widely received as a safe, no frills budget, against a background of mildly encouraging news about the UK economy, today's announcements nevertheless included some unwelcome - if widely predicted - news, especially for businesses. The picture overall is one of targeted spending announcements, with two significant tax raising measures. In reality, most businesses, and the [...]