Charlotte Morgan (nee Harrell)

Question for the R&D tax relief community. Last week at Accountex, I was explaining how our tax calculator can help with the various R&D tax relief rates and the merger scheme when someone said, "I think the government's long-term goal is to get rid of the R&D scheme." I paused... Naturally, I asked what made them feel that way, pointing out that it couldn't just disappear overnight? They replied, "they will gradually reduce it until it goes to zero." What do you think? Surely the UK government won't remove the incentive that so many other countries offer, especially in the EU? #researchanddevelopmenttaxrelief #randd #innovation #randdtaxrelief

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🔎 Exploring Key Trends in HMRC’s 2022-23 R&D Tax Relief Statistics   HMRC’s latest release on R&D tax relief trends for 2022-23 provides a great snapshot into the changes in claims, expenditures, and sector dominance. Despite an overall decline in the number of claims, total tax relief grew slightly, reflecting increased average claim sizes.    In our post today, we’ve highlighted some of the key statistics from the governments article and what they mean for companies looking to leverage R&D tax relief effectively.   Want to find out more about the R&D services we provide for innovative business across the UK & Ireland?    Contact us via the details below;    📞 0333 455 9010 💻  www.cbtax.com 📧  [email protected]   Source: https://lnkd.in/eJ8yHaP4   #researchanddevelopment #taxcredits #taxrelief #taxconsultancy #taxadvisory #taxandaccounting #researchanddevelopmenttax

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Bean Counter to Boss - the Limited series provided by the ACCA features James Goulsbra ACCA and myself, where we talk the good, the bad and damn right fabulous decision we made to start our own practices, with the support of ACCA. Find the series now on Apple, Spotify and Podomatic 📣 #beancountertoboss #startingyourpractice #startingapractice

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Browse through our key findings below and download the full report, produced in association with PKF-Francis Clark Chartered accountants & business advisers, for a deeper dive into the key questions we believe accountancy firms need to ask. https://lnkd.in/es-cjSis

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Today’s spotlight term from our TaxAssist Accountants Glossary is ‘Directors’ Loan Account’ 📚 https://lnkd.in/emr4iPnX

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How we turned a final accounts meeting at Smith Hannah into a strategy meeting benefiting the client. 1) Expansion - Successful business looking to acquire another business. As the client has an existing holding company we spoke about the tax benefits of acquiring newco through holdco. We also looked at how we can assist the client with due diligence and analysis work. 2) Pension planning - We discussed the advantages of a pension. Also in relation to point 1 where the potential business being acquired had a commercial property we discussed acquiring via pension fund. We will also have pre year end meetings to determine if the client can make regular pension payments. 3) Property disposal - Client wanted to sell a low returning property which needed some refurb work. The potential tax on sale would have been circa 50k. Refurb costs would amount to circa 20k and would improve rental potential. The client decided on refurb costs instead. These are the conversations that add value and what clients appreciate.

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Tax Tip of the Week: Reduce Corporation Tax with Plant and Machinery Investments 💼🚗🔧 🌟 For UK businesses, investing in plant and machinery can reduce Corporation Tax liabilities through valuable tax allowances. Here’s how you can take advantage: 💼 Annual Investment Allowance (AIA) The AIA allows you to deduct the full cost of qualifying plant and machinery investments from your taxable profits, up to £1 million per year. Example: If your company purchases £50,000 worth of new machinery, you can deduct the entire £50,000 from your profits, reducing your taxable profits and thus lowering your Corporation Tax bill. If you’re in the 25% Corporation Tax bracket, this purchase could save you £12,500 in tax (25% of £50,000). 🌍 First-Year Allowance (FYA) The First-Year Allowance provides 100% tax relief on certain energy-efficient or low-emission items in the first year of purchase. This is beneficial if you’re investing in equipment with a lower environmental impact. Example: If you buy an eco-friendly delivery vehicle for £30,000, you can claim the full amount in the first year, reducing taxable profits. This could save you £7,500 in tax at a 25% rate. 📝 Key Takeaway Strategic investments in plant and machinery can offer substantial tax savings. By making the most of allowances like the AIA and FYA, you can reduce your Corporation Tax while enhancing your business operations. #TaxTips #CorporationTax #PlantAndMachinery #AnnualInvestmentAllowance #TaxRelief 💼🌟

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