News & Views
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Congratulations!
We are delighted to announce that our Senior Tax Consultant, James Smith, has been named as one of the “Top 30 Under 30”!
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R&D Tax Claims - Understanding HMRC and Careless Penalties
When it comes to submitting claims for R&D tax relief, accuracy matters. HM Revenue & Customs (HMRC) has the power to impose financial penalties when R&D claims contain inaccuracies that lead to an underpayment of tax. Among the most commonly encountered penalties we see being levied by HMRC are those for careless errors: mistakes made through a failure to take reasonable care.
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What are Capital Allowances actually worth?
Most business’s will be aware that when they purchase or improve their commercial property, Capital Allowances can offer significant tax relief, but the amount of tax savings due can be a mystery until the tax work is completed. Below we aim to give you a rough idea of what to expect for your property projects, based on our experience with hundreds of properties and claims. The below examples assume a company paying corporation tax at 25%, however, individuals & partnerships can also claim capital allowances, to generate savings against their income tax.
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HMRC R&D Enquiries – 2025 Update
The key question for R&D compliance checks in 2025 is are things better than they were? Based on our experience at YesTax, the answer is a massively caveated yes. Things certainly seem more settled in 2025. Improvements have been made, albeit at a snail’s pace. It was Confucius who remarked ‘it does not matter how slowly you go as long as you do not stop’. Our advice to ISBC is to heed these words.
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Discovery Assessments and R&D Tax Relief – What You Need to Know
HMRC’s relentless R&D tax relief claim compliance activity shows little sign of abatement. John Moxon explains more here.
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YesTax HMRC Enquiry Resolution: Glowing Feedback Received!
HMRC’s incessant drive for compliance in the R&D tax relief sector has resulted in YesTax’s HMRC enquiry resolution service being busy of late. In March, we were contacted by a small engineering company that had used a well-known rogue adviser. This had prompted an enquiry into the company’s latest claim for R&D tax relief. The enquiry had been ongoing for several months and HMRC had issued their View of the Matter.
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Merging Ahead: New R&D Schemes Becoming More Prevalent
Claims being made under two new R&D schemes are starting to be seen more and more frequently as the R&D tax sector continues to undergo a period of transition.
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Clients with December 2024 year-ends: Pre-Notify NOW!
December! No, we’re not already talking about Christmas! It’s a popular company year-end date.