News & Views
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News about the Furnished Holiday Lettings Capital Allowances – Don’t miss your chance to claim
Back in the March Budget the then chancellor Jeremy Hunt announced the withdrawal of the Furnished Holiday Letting rules. We awaited more detail but nothing was forthcoming before parliament dissolved for the election, leaving the future of FHLs in limbo. Now we have finally learned how the new government will be proceeding on FHLs. The withdrawal of the relief will go ahead and they’ve released guidance and draft legislation setting out the details.
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Advance Notification - do you know the rules?
Companies are required to inform HMRC, in advance, of their intention to make an R&D claim. They will need to do this, using HMRC’s digital service, within 6 months of the end of the accounting period to which the claim relates – referred to as the claim notification period.
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The R&D tax case we’ve been waiting for? HMRC loses at the First Tier Tribunal
Many readers will be aware of the turbulence within the R&D tax relief sector in recent years. HMRC’s hard-line stance during compliance checks has left many claimant companies bewildered that their claims have been rejected, with decisions often based on flimsy, ill-conceived justifications.
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A new dawn for UK tax incentives?
Following the (relatively unsurprising) result of yesterday’s election, a Labour government will announce its first budget in over 14 years later this year. It is no secret that the Government will need to address the UK’s fiscal deficit, but where the money will come from is open to speculation at the current time.
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Cavendish Cancer Care's Young People's Service
Cavendish Cancer Care are a local charity based in Sheffield which support people with the effects that cancer has on their mental health and emotional wellbeing.
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A shout out to Cal Byers, Head of Capital Allowances, YesTax
Cal Byers joined YesTax in July 2021 and we’ve never looked back. He delivers clear, professional Capital Allowances tax advice through our nationwide accountancy network for the benefit of their end clients.
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Software R&D – Common Misconceptions
It is no secret that the R&D industry has seen a monumental shake-up over the past 2 years, with HMRC opening compliance checks into circa 20% of all R&D claims submitted, up from around 1% historically. In October 2023, HMRC published its Guidance for Compliance (GfC3) to help claimants see if their work qualifies as Research and Development for tax purposes.
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A brief-ish history of time - the ups and downs of R&D and Patent Box tax relief so far...
With the UK general election around the corner, many businesses who prioritise investment in technology will be interested to follow the consequences of the election result on two extremely important tax reliefs – Research and Development and Patent Box.