In March 2021, HMRC published a consultation on the scope of 'R&D Tax Reliefs', this reviews the nature of private-sector R&D investment in the UK, how that is supported or otherwise impacted by the R&D relief schemes, and where changes may be appropriate.
SME Tax News
In March 2021, HMRC responded to its 2020 consultation, 'The scope for qualifying expenditures for R&D Tax Credits', it now plans to review the case for the widening of qualifying R & D expenditure.
Penalties and interest: key measures included in Budget 2021 and Finance Act 2021.
HM Treasury has issued a Call for Evidence to review Enterprise Management Incentives (EMI). It follows the Chancellor’s announcement in Budget 2021 whether the EMI scheme should be extended to include more companies.
In HFFX LLP & Ors v HMRC [2021] TC8023, the First Tier Tribunal found that a LLP scheme to reallocate profits via a corporate vehicle using allocations of special capital failed to work and those allocations were chargeable to Income Tax on individual partners.
In the 2021 Budget, the Chancellor announced that the rate of Corporation Tax would change with effect from 1 April 2023. This was legislated in Finance Act 2021.
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This week we have Budget 2021 coverage. The freeview guides provide all the essential information, with more detailed guidance for subscribers. As usual we will be drilling down into more detail and bringing out some CPD in the coming weeks.
The Budget 2021: at a glance. A summary of key budget announcements together with items published without announcement.
At Budget 2021 the Chancellor announced additional measures to relieve trading losses for sole traders and partnerships.
Budget 2021 introduced a new Super-deduction of 130% and a 50% first-year allowance for plant and machinery expenditure incurred by companies between 1 April 2021 and 31 March 2023.