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View R&D tax relief: Could your company be slipping through the cracks?

R&D tax relief: Could your company be slipping through the cracks?

By Jeni Lee, Tax Manager at Bracey’s   •  5 min read   Since the R&D tax relief scheme’s introduction in 2000, the UK government has set itself a target to spend 2.5% of GDP on Research & Development (R&D). This target is yet to be achieved, with 2018 only resulting in a 1.7% spend. This…

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View Tax Planning Options For 2020-21

Tax Planning Options For 2020-21

The 6th April marks the beginning of a new tax, and for the coming year, unprecedented challenges. As with most things in life, problems are a necessary precursor to finding solutions. We have listed below a few reminders of the issues you may want to consider as worthy of including in your 2020-21 tax planning…

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View Self Employed Vs. Employed | The Pros And Cons

Self Employed Vs. Employed | The Pros And Cons

Should you be backing yourself to run your own business? Before you go making any dramatic and life-changing decisions, this article presents a few of the pros and cons of taking the step. The Pros Perhaps the most obvious advantage of being self employed is the opportunity it presents to gain more than one income…

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View Medical Update | GP Pension Tax Charges

Medical Update | GP Pension Tax Charges

New changes are being introduced to the annual allowance pension tax charges for NHS GPs. From 2019/20, clinicians who have reached their annual pension allowance and are subsequently notified of a tax liability, will be able to choose ‘Scheme Pays’ on their pension form, meaning that they don’t have to worry about paying the tax…

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View Is Your Home A Tax Free Zone?

Is Your Home A Tax Free Zone?

You may be at that time in your life when you are thinking of selling the family home where you raised your children in order to downsize ready for retirement. And, in most cases, the property you have lived in for what feels like a lifetime will earn you a nice little profit when you…

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View Don’t Miss January 31st Self-Assessment Deadline

Don’t Miss January 31st Self-Assessment Deadline

The deadline for filing your Self-Assessment returns is looming and our team members in Hemel Hempstead know just how important it is to be prepared. The Self-Assessment system was introduced into the UK for the first time in 1996/1997. Now in its 24th year, the form has stayed much the same, reflecting tax changes as…

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View Received A Letter From The Taxman? Don’t Panic!

Received A Letter From The Taxman? Don’t Panic!

A letter from the taxman is enough to bring anyone out in a cold sweat. And if that missive is asking rather probing questions about your landlord, it has the potential to send you into a full-blown meltdown. Tweeting Tales Reports that these letters are in fact a scam have circulated through social media, but,…

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View What Constitutes Profit For Tax Purposes?

What Constitutes Profit For Tax Purposes?

There is no simple answer to this question. We have listed below some of the matters that need to be are considered. As self-employed business owners’ profits are subject to income tax and National Insurance – and limited companies to corporation tax – we have divided our comments accordingly. Published Tax Figures Before making this…

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View Don’t Fall For The Fraudsters | HMRC Scam

Don’t Fall For The Fraudsters | HMRC Scam

We are fast approaching the deadline for filing self-assessment tax returns in the UK for 2018-19. As readers will be aware, this deadline is 31 January 2020. Unfortunately, this coincides with a pick-up in scamming activity by fraudsters pretending to be the tax office. HMRC have recently posted an alert for taxpayers and this is…

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