HMRC reports vibrant R&D results

    The latest annual figures published by HMRC reflect the enduring and growing popularity of Research and Development (R&D) tax credits, with increases across the board in both the number and value of claims made.
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    A three year sentence

    According to figures recently obtained by Abbey Tax from HMRC via a Freedom of Information request, over 16,500 individuals and businesses have been entered into the Managing Serious Defaulters programme since 2011. The average monitoring period currently stands at three years.
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    What's popular this month?

    Let Property Campaign disclosures open the door to this month’s hot topics, followed by the news that referrals to HMRC via the Mortgage Verification Scheme have breached the 10,000 mark. A detailed look at changes to corporation tax losses concludes the round up.
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    Onshore employment intermediaries legislation: HMRC’s best kept secret?

    Onshore intermediaries legislation was introduced in 2015 to very little fanfare but lack of awareness of this legislation could have serious impacts and consequences on businesses, especially since penalties for non-compliance are now eligible. A further impact of the legislation is that it once again requires businesses to provide HMRC with ‘real-time’ information concerning off-payroll workers.
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    Why the secrecy, HMRC?

    Taskforces have been an integral part of HMRC’s compliance strategy since they were first launched in the spring of 2011. Initially HMRC was keen to promote the targeted sectors and geographical locations, but has been more reticent of late.
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    Voluntary disclosure: Low key, right note?

    HMRC’s latest voluntary disclosure campaign is targeting music royalty income. Around 3,000 letters have been issued inviting recipients of such income to check their tax returns and to make a disclosure if necessary.
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    Virtual reality: client saves over £100k playing games

    Abbey Tax undertook an R&D tax relief claim for an established gaming company located in the north of England. The claim centred on the company’s development of an advanced Virtual Reality (VR) head set which could be used across a wide spectrum of applications.
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    Abbey Tax Appoints New Sales Director

    Abbey Tax, the UK’s leading fee protection insurance provider and the largest tax consultancy partner to accountants, is delighted to announce the arrival of Christopher Penfold as sales director.
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    Are you lost over loss reliefs?

    Our Tax Advisory Manager, Katherine Ford, has written a guide called ‘Tax Losses’, in association with Claritax Books. It covers in detail income tax, capital gains tax and corporation tax losses, all illustrated with plenty of worked examples.
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