By Katie Tax 0 Comments

R&D Claims: Provide additional information from 1st August 2023

R&D Claims: Provide additional information from 1st August 2023

The latest Finance Act includes two changes that will affect all R&D claims:

(1) a requirement to provide additional information before an R&D claim is made; and

(2) a requirement for certain companies to make a claim notification within six months after the end of the accounting period for which they want to claim R&D relief.

When a limited company intends to make a claim for research and development (R&D) tax relief, from 8 August 2023 onwards it will need to provide detailed information to HMRC in advance. We can assist you in preparing the notification or prepare it on your behalf.

You will need to set out details of the R&D project(s) undertaken, including, in particular, the scientific or technical uncertainty that the work was seeking to overcome, along with details of the work done to resolve that uncertainty.

For accounting periods beginning on or after 1 April 2023, there is also a new R&D claim notification form which must be submitted within the ‘claim notification period’, which ends six months after the end of the accounting period for which the company wants to claim R&D relief.

Broadly, new claimants or those who haven’t claimed for three years will need to complete this claim notification form for accounting periods beginning on or after 1 April 2023.

Need more information?

We offer a wide range of services which are unique to your businesses who are just getting going! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

Our fantastic team at A&C Chartered Accountants are here to help.

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    By Katie Tax 0 Comments

    Diary of main tax events July/August 2023

    Please find below the diary of main tax events for July/August 2023. As always if you have any questions, please do not hesitate to contact us.

    Date What’s Due
    01/07 Corporation tax payment for year to 30/9/22 (unless quarterly instalments apply).
    05/07 Last date for agreeing PAYE settlement agreements for 2022/23 employee benefits.
    05/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2022/23.
    06/07 Deadline for forms P11D and P11D(b) for 2022/23 tax year. Also, deadline for notifying HMRC of shares and options awarded to employees.
    19/07 PAYE & NIC deductions, and CIS return and tax, for month to 5/07/23 (due 22/07/23 if you pay electronically).
    31/7 50% payment on account of 2023/24 self-assessment tax liability due.
    01/08 Corporation tax payment for year to 31/10/22 (unless quarterly instalments apply).
    19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/08/23 (due 22/08/23 if you pay electronically).

    Need more information?

    We offer a wide range of services which are unique to your businesses who are just getting going! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

    Our fantastic team at A&C Chartered Accountants are here to help.

    Contact us below

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      By Katie Business News • Tax • Tax Advice 0 Comments

      2022/23 P11d forms to be submitted online

      2022/23 P11d forms to be submitted online

      The deadline for filing the P11d forms to report benefits in kind in respect of directors and employees for 2022/23 is 6 July 2023.  Note, however, that the original and amended reports must now be made online and paper returns will be rejected.

      Forms P11D and P11D(b) returns must be submitted online through one of the following:

      • PAYE Online for Employers
      • PAYE Online for Agents
      • payroll software that is recognised by HMRC

      For employers or agents who need to submit up to 500 P11D and P11D(b) returns, the free HMRC PAYE online services can be used. For anything more, 3rd party software is required.

      Remember that ‘Trivial’ benefits in kind provided to employees and directors do not need to be reported on form P11d.  ‘Trivial’ benefits are those that:

      • cost the employer £50 or less to provide;
      • are not cash or a cash voucher;
      • are not a reward for work or performance; and
      • the employee is not contractually entitled to.

      Need more information?

      We offer a wide range of services which are unique to your businesses who are just getting going! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

      Our fantastic team at A&C Chartered Accountants are here to help.

      Contact us below

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        By Katie Tax • Tax Advice 0 Comments

        Diary of main tax events March/April 2023

        Please find below the important tax dates for March/April 2023. As always we are here to ensure you meet these deadlines.

        Date What’s Due
        01/03 Corporation tax payment for year to 31/05/22 (unless quarterly instalments apply)
        19/03 PAYE & NIC deductions, and CIS return and tax, for month to 05/03/23 (due 22/03 if you pay electronically)
        01/04 Corporation tax payment for year to 30/6/22 (unless quarterly instalments apply)
        05/04 End of 2022/23 tax year – many tax planning actions need to have been done by this date.
        06/04 Start of the 2023/24 tax year.
        19/04 PAYE & NIC deductions, and CIS return and tax, for month to 5/04/23 (due 22/04 if you pay electronically)

        Need more information?

        We offer a wide range of services which are unique to your businesses who are just getting going! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

        Our fantastic team at A&C Chartered Accountants are here to help.

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          By Katie Tax • Tax Advice 0 Comments

          Advisory fuel rate for company cars March 2023

          The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 March 2023. Where full reimbursement is made there is no taxable fuel benefit. The rates for the previous quarter, if different, are in brackets.

          Engine Size Petrol Diesel LPG
          1400cc or less 13p (14p) 10p
          1600cc or less 13p (14p)
          1401cc to 2000cc 15p (17p) 11p (12p)
          1601 to 2000cc 15p (17p)
          Over 2000cc 23p (26p) 20p (22p) 17p (18p)

          Note that for hybrid cars you must use the petrol or diesel rate and for fully electric cars the rate is now 9p per mile (8p per mile up to 28 February 2023).

          You can continue to use the previous rates for up to 1 month from the date the new rates apply.

          Need more information?

          We offer a wide range of services which are unique to your businesses who are just getting going! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

          Our fantastic team at A&C Chartered Accountants are here to help.

          Contact us below

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            By Katie Tax 0 Comments

            Diary of main tax events February / March 2023

            Please see below for the diary of main tax events February / March 2023. Our team are here to ensure you meet these deadlines.

            Date What’s Due
            01/02 Corporation tax payment for year to 30/4/22 (unless quarterly instalments apply)
            19/02 PAYE & NIC deductions, and CIS return and tax, for month to 5/02/23 (due 22/02 if you pay electronically)
            28/02 5% surcharge added to the outstanding balance of tax and national insurance due to be paid on 31 January 2023
            01/03 Corporation tax payment for year to 31/5/22 (unless quarterly instalments apply)
            19/03 PAYE & NIC deductions, and CIS return and tax, for month to 5/03/23 (due 22/03 if you pay electronically)

            Need more information?

            Do you need help with the main tax events February / March 2023?

            We offer a wide range of services which are unique to your business! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

            Our fantastic team at A&C Chartered Accountants are here to help.

            Contact us below

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              By Katie Tax 0 Comments

              Advisory reimbursement rates for employees’ private mileage

              The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 December 2022. Where full reimbursement is made there is no taxable fuel benefit. The rates for the previous quarter, if different, are in brackets.

              Engine Size Petrol Diesel LPG
              1400cc or less 14p

              (15p)

               

              		   10p

              (9p)
              1600cc or less 14p

               
              1401cc to 2000cc 17p

              (18p)

               

              		 12p

              (11p)

               
              1601 to 2000cc 17p

               
              Over 2000cc 26p

              (27p)

               

              		 22p

               

              		 18p

              (17p)

               

               

              Note that for hybrid cars you must use the petrol or diesel rate and for fully electric cars the rate is now 8p per mile (previously 5p per mile)

              You can continue to use the previous rates for up to 1 month from the date the new rates apply.

              Need more information?

              Do you have company cars within your business and need help with the advisory reimbursement rates? We offer a wide range of services which are unique to your business! Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

              Our fantastic team at A&C Chartered Accountants are here to help.

              Contact us below

              Fields marked with an * are required