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HMRC Stop R&D Tax Credit Payments

HMRC have suspended the payment of certain R&D tax credits while it investigates some “irregular claims” for the tax credit.

2021 Autumn Budget Summary

This 2021 budget summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances.

Family Investment Companies Obstacles and Benefits

Family Investment Companies are a flexible structure for inheritance tax planning.

Incorporation of Property Portfolio

There are still benefits to incorporating a property portfolio into a limited company, despite a proposed increase in the rate of corporation tax.

The Import One-Stop Shop (IOSS) for EU VAT

Under EU VAT rules applicable up until 1 July 2021, no import VAT had to be paid for commercial goods of a value up to €22. The new VAT e-commerce rules abolished this provision from 1 July 2021 and since that date, all commercial goods imported into the EU from the UK, are subject to VAT irrespective of their value. Registration with the IOSS may simplify the VAT position.

Late Tax Return Penalty Pushed Back

Self-assessment tax returns for 2019/2020 are due for submission by 31 January 2021, but HMRC has announced that late filing penalties will not be charged if the return is submitted online by 28 February 2021.

Furlough Scheme Extended

New measures, including the extension of the Furlough scheme, have been announced to provide support for businesses and employees during the new lockdown.

Non-Cash Employee Benefits

Employers can give employees non-cash benefits as part of their remuneration. The value of non-cash benefits provided to an employee is normally taxable, but there are tax-free non-cash benefits available.

Employee-Ownership Trusts

The Employee Ownership Trust (EOT) was introduced by the Coalition Government in 2014 with the aim of promoting employee ownership in the UK, similar to the John Lewis model. The 2014 rules provide an incentive for owners to sell a controlling stake in their business.

Salary Sacrifice Update

The UK tax treatment of Salary Sacrifice schemes changed from 6 April 2017, removing the advantage of using such schemes for many benefits. As we approach the end of the transition period on 5 April 2021, we look at the ways in which a salary sacrifice scheme can still work to your advantage.