Tax tables
Our Tax tables are now available online here We send all our clients a pocket sized copy of the Tax table guide, and this is also available to download as a PDF file here.
Tax planning and compliance
Planning
Careful business and personal tax planning can create significant tax saving opportunities. We use our expertise to save you money.
We consider whether your business is best carried out as a sole trade, partnership, or limited company. We look at all aspects of business (not tax in isolation) and advise accordingly.
Our advanced software quantifies tax and other savings, enabling you to make accurate, informed decisions. We provide tax planning advice covering:
- Income Tax and National Insurance
- Corporation Tax
- Capital Allowances
- Research and Development Tax Relief (see below)
- Capital Gains Tax
- Inheritance Tax
- Value Added Tax
- Child and Working Tax Credits.
Compliance
Self-Assessment places full responsibility on you for keeping your tax affairs in good order. We calculate tax liabilities, complete and submit self-assessment tax returns online on your behalf.
Tax enquiries and investigations
In depth Tax Enquiries happen; often because HM Revenue and Customs has picked a business at random.
Such enquiries can be stressful and time consuming.
We are expert in handling such enquiries. In particularly complex situations we liaise with specialist tax consultants.
We offer our clients the reassuring option to cover the professional costs of dealing with a tax enquiry through the scheme CCH Taxsure. Find out more about Taxsure here.
Research and Development – the basics.
Research and Development (R&D) Relief is an enhanced Corporation Tax relief that may reduce your corporation tax liabilities by more than your actual expenditure on R&D.
Small or medium-sized companies have the option of claiming a tax credit, resulting in a payment from HM Revenue & Customs (HMRC)
The Small and Medium sized company scheme
From 1 August 2008, the tax relief on allowable R&D costs is 175 per cent, meaning that for each £100 of qualifying costs, the company can deduct £175 of expenses to calculate the taxable profit.
Tax relief is only available if the company spends at least £10,000 a year on qualifying R&D costs in an accounting period. There's an upper limit of €7.5 million on the total amount of aid you can receive on any one R&D project.
What is the definition of an R&D project?
The R&D project must seek to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty.
What expenditure is eligible?
Employee costs – the costs of employing staff directly and actively engaged in carrying out R&D itself. The staff must be employed under a contract of employment directly with your company or organisation - not consultants, agency workers, or staff/directors whose contracts of employment are with other companies. However, these others may qualify under either the rules for staff providers or subcontractors.
Staff providers - paying a staff provider (agency) for staff provided to the company who are directly and actively engaged in carrying out R&D.
Materials - consumable or transformable materials used directly in carrying out R&D. These are actual physical materials that are consumed in the R&D, and not things like telecommunication or data costs.
Payments to clinical trials volunteers - the cost of relevant payments to subjects of clinical trials.
Utilities - power, water, fuel used directly in carrying out R&D, but excluding telecommunication and data costs.
Computer software used directly in the R&D.
Subcontracted R&D expenditure - under the SME Scheme, you may be able to claim back 65 per cent of what you spend on certain R&D activities carried out for you by a subcontractor.
When working with you we monitor situations where R&D relief is applicable.
If you would like to know more about our services in this area please get in touch.
