End of Year Review - July to September 2022
As the summer rolled on through, we were still battling an ever-changing tax relief landscape, but that didn’t stop us taking time out to help a little in our local community, and further afield, to try and make the world a better place.
July
We kicked off the second half of the year by joining Club 300, a business club set up by Paces Sheffield who are a charity that supports children and adults living with neurological conditions, such as cerebral palsy, MS, stroke, Parkinson’s and other motor disorders.
You can read more about Club 300, how your business can benefit from joining the club, and the good it does in changing lives at: https://www.pacessheffield.org.uk/club300/
As the cost-of-living crisis gathered pace here in the UK, we received news of the challenges of sky rocketing running costs in other countries. We became all too aware of this via an update from the safe house for Nepalese vulnerable children that YesTax support.
Our charity psychologist, Binita, who runs the safe house for vulnerable children we support, informed us that the cost of funding a child in the safe house has risen by almost 40%. Binita has dedicated her life to helping vulnerable children and we want to help her continue her work in Nepal, rescuing hundreds of children from sexual abuse. It is for this reason that we are increasing our monthly support to this amazing cause.
As sure as night follows day, a new month brings with it new R&D tax relief challenges. Companies were now feeling the effects of new PAYE and NI cap rules and legislation day brought with it a number of controversial changes to the R&D tax relief scheme.
Back at YesTax towers, Cal and Nat discussed the big business benefits of using Capital Allowance specialists for organisations embarking on capital investment projects, and we shared a little thanks for our rising team stars Chris, Holly, Cal, Megan, James, and Imogen.
We were also delighted to share the news that our client Peak Pharmacy had begun the development of their new purpose built facility, packed with state-of-the-art tech designed to improve lives of patients and staff alike.
August
2022’s summer heatwaves brought devastation and heartbreak to so many up and down the country. Like many others we read the news of a South Yorkshire mum of three who lost absolutely everything, including their family home and even their much-loved dog, rabbit and kitten. We were contacted by the Maltby Stepping Stones Children’s Centre and we worked with the charity to provide £1000 of funds for new furnishings and bedding.
Over the course of the year, we have pulled out a number of industry focus pieces, and in August we zoned in on the print sector, where competition and technology advancement has led to a constantly evolving industry. With R&D being so key within this sector, the benefits of up to 33.35% tax relief (for qualifying expenditure, and dependent on the individual company’s tax position) could make a huge difference to businesses progression.
We talk a lot about how we feel business can be a force for good. And how we balance saving (for our clients) and giving (to those in need). We took the ethos of saving and giving quite literally in August as the team visited the Sheffield Blood Donor Centre - the quick lunchtime pint took on a whole new meaning.
September
No sooner had we spoken about how employing tax specialists was by far the best route to riding the waves of the ever changing, ever more scrutinised, and increasingly complex claim process, than just weeks later more news arrived around forthcoming R&D tax relief administrative changes. Which in itself served to illustrate the underlying benefits of working with a specialist.
And of course, there was the now notorious mini budget. We were quick off the mark to bring you key news of the effects of Capital Allowances and Corporation Tax. Then, once the dust had settled, provided some additional insight into an announcement that escaped the headlines, Investment Zones.
The video games industry was the subject of September’s industry taxation deep dive. A sector where specific industry tax relief (VGTR, or Video Games Tax Relief) is particularly under-claimed.
This month we were also very proud to be appointed as panel experts for 2020 Innovation, providing technical training, client support and consultancy services to their members, with a particular focus on R&D tax relief and capital allowances.
We don’t like to leave any of our articles and features on a sombre note, but it would be remiss of us not to mention the sad passing of Queen Elizabeth II. And, as with millions around the country, and millions more all around the globe, the YesTax team took time out to pay their respects and reflect on her incredible life and reign.
RIP EIIR
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