R&D Tax Credits

R&D Tax Credits Research and Development (R&D) reliefs support companies that work on innovative projects in science and technology. It can be claimed by a range of companies that seek to research or develop an advance in their field – it can even be claimed on unsuccessful projects. The work that qualifies for R&D relief must […]
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Tax Planning

Tax Planning The aim of of tax planning (sometimes called tax avoidance) is to arrange your financial affairs so you minimise your overall tax liability. Whether you are a sole trader, limited company or a high net worth individual you can benefit from effective tax planning. Tax planning utilises the existing legal framework to your […]
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Estate Planning

Estate Planning Inheritance Tax Planning The regulations around inheritance tax are complex but with sound advice and prudent planning, you can minimise your tax bill and protect your assets for the future. With no plans in place, HMRC can take 40% of your Estate – that’s 40 pence in every pound of everything you own – above the […]
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Capital Gains Tax

Capital Gains Tax Capital Gains Tax is the tax levied on the gains you make when you dispose of an asset or upon maturity of an investment, for example, when you: Sell it Give it away as a gift Transfer it to someone else Exchange it for something else Receive compensation for it (for example […]
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Income Tax

Income Tax Self-assessment puts the onus of calculating and paying what tax is due onto the taxpayer. For personal self assessment and partnerships the last online filing date – as well as the balance of any tax due – is 31st January following the end of the tax year. For the 2020/21 tax year, this means […]
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Personal Taxation

Personal Taxation With a constantly evolving tax system in the United Kingdom, effectively managing your tax affairs is an increasingly challenging but essential part of sound personal financial planning.  Whether you are a sole trader, operate in a partnership, are a company director or have complex tax affairs, you will be required by law to […]
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Tax Investigations

Tax Investigations Being the subject of a HMRC investigation can be stressful. An investigation can take several years and can lead to serious disruption to your business or can intrude in your personal life. HMRC are tasked with increasing the revenues they collect. This inevitably means that they are turning their attention to investigations, undertaking […]
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VAT

VAT Value Added Tax (VAT) is a tax borne by the end customer. If you are in business and have taxable supplies of £85k or more per annum (correct as at 2017/18 tax year) then you will need to be registered with HMRC for VAT. You effectively become an unpaid collector of taxes. Maintaining a […]
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PAYE

PAYE As an employer, it is your responsibility to correctly determine the employment status of your workers – that is, whether they’re employed by you or self-employed. This depends on the terms and conditions of your working relationship with each worker. It’s important to ascertain the correct employment status because it affects the way tax […]
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Corporation Tax

Corporation Tax Corporation tax is the tax levied on limited company profits and will form a significant part of your overall cost base. As corporation tax rules differ from income tax rules, it is important to ensure that you have the right advice and support when calculating your company’s liability. Here at Evans Entwistle we […]
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