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HMRC pauses certain R&D repayments whilst it investigates irregularities

Why are there delays? Many R&D advisers have noted HMRC’s current delay in processing R&D claims. HMRC has concerns that the R&D tax relief schemes are being abused and they are grappling with how best to deploy their resource to prevent this. Recently the ICAEW highlighted (here) that some repayments were being stopped whilst HMRC…

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The top five non-financial business KPIs

If you want your company to succeed, you need clear targets — which is why we are diving into non-financial business KPIs. Setting key performance indicators (KPIs) can unlock the potential in your operation and set you on the road to success. From strategic objectives to practical steps, business KPIs will help you monitor progress…

Norfolk, UK - April 8th 2022: A flag commemorating the Queens Platinum Jubilee 2022, flying over a clear blue sky.

Businesses must plan for the Platinum Jubilee bank holiday

People across the land are buying paper plates and bunting ahead of the Queen’s Platinum Jubilee bank holiday, but is your business prepared? The four-day weekend in June is promising to be a glorious celebration of our monarch and her 70 years on the throne. However, while we may be enjoying street parties in the…

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Small business advice: the legal changes in 2022

Brexit, Spring Statements, tax rules… in our latest small business advice blog we cover the legal changes arriving in 2022. This year is proving to be a busy one for lawmakers as they announce revisions and new policies across several key areas. This means small businesses need to keep abreast of what’s going on so…

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National Insurance increase: quick guide for small business owners

The National Insurance increase came into effect on 1st April 2022, so what does this mean for small business owners across the UK? The Government’s plan for a hike in National Insurance contributions was originally designed to raise £12 billion a year for the NHS and social care. The idea was to help fund the…

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Key Tax Changes for the New Tax Year

For any business owner, 6th April is an important date within their diary as it marks the start of the new tax year where new tax rates and thresholds kick in. With a new Health and Social Care Levy to help fund the NHS following the pandemic and further announcements in the Spring Statement, there’s…

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Everything you need to know about the National Minimum Wage increase

The National Minimum Wage increase will come into force on 1st April 2022, is your business prepared for the change? The prospect of having a few extra quid in the pocket will come as welcome news for millions of low-paid workers, who are struggling to make ends meet during the current cost of living crisis.…

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What is R&D?

Research and development is generally well understood as a concept. Yet, it’s somewhat misleading to label the UK’s tax relief scheme as ‘R&D’ tax relief, as many incorrectly think it only applies to research-specific companies. In reality, it’s a tax relief to incentivise innovation by companies in any sector. This common misconception means many believe…

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All you need to know about the tax super-deduction

Taxes and investments are normally at opposite ends of a business balance sheet, however the tax super-deduction is a clever Government incentive aimed at rewarding growing companies. Available since April 1, 2021, the initiative is designed to promote the use of capital allowances, therefore encouraging growth and investment. This is seen as being particularly important…

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Turnover is Vanity, Profit is Sanity and Cash is Reality

I’m sure you’ve heard this saying before and it’s quite prevalent in today’s times. No doubt, as a business owner you have learned a lot recently on how fit-for-purpose your finance function is within your business. COVID-19 has put many businesses on the brink of closing down and keeping a close eye on financial performance…

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