Articles in category: HMRC

Using Xero & affected my MTD?

Making Tax Digital came into effect from 1st April 2019. Under the new regulations, all UK businesses that are VAT registered and above the £85,000 threshold are now required to keep their records digitally and submit VAT returns to HMRC using MTD-compatible software. You are now unable to submit VAT returns using the HMRC website. […]

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Trivial Benefits; A Quick Guide

If you’re an employer and you provide benefits to your employees, these are usually subject to tax and National Insurance. HMRC introduced a new exemption for “trivial benefits”. This means that small gifts to employees and entertainment provided to employees are now exempt for tax and NI. What is a Trivial Benefit? A trivial benefit […]

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Does your business qualify for R&D tax credits?

R&D (Research & Development) is a tax relief scheme which was introduced by the Government in 2000 to help and reward innovative businesses thus allowing them to progress. What is R&D? R&D takes all allowable expenditure incurred during the R&D project and allows you to gross it up by 130% meaning you can effectively deduct […]

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