Richard Malone

Following a series of significant changes to R&D tax relief in 2023, the merged R&D tax relief scheme came into effect on 1 April 2024. It is hoped that these changes will help reduce the number of claims enquired into by HMRC – currently one in five. An HMRC enquiry is stressful, time-consuming, and often expensive for the taxpayer, particularly when most HMRC caseworkers lack specialist knowledge related to the claim under enquiry. The following article: https://lnkd.in/eyUFB7z6 sheds light on recent developments and offers valuable insights for companies navigating these shifts. Of particular note is the requirement for new claimants (or those who have not made a claim in the previous 3 years) to make a notification within 6 months of the year-end or lose the ability to do so! #ResearchAndDevelopment #CorporateTax #BusinessStrategy

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See below our May Newswire with all the Business News you need to know and Key Dates for your Diary #sme #P11D #incometax #HMRC #HICBC #ITSA #DBT #business #businessnews #keydates

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NEW IHT100 FORMS FOR INHERITANCE TAX Previously, for reportable transfers, an IHT100 form had to be submitted along with a separate 'event form' specific to the transfer in question. However, these forms and the associated IHT100WS worksheet have now been discontinued and replaced by standalone event forms tailored to the particular chargeable event being reported. Going forward, only the relevant IHT100 event form and any necessary supplementary schedules (e.g forms D31 to D40) will need to be submitted. Additionally, a new IHT100h form has been introduced to report assets leaving an 18-25 trust. The current list of IHT100 forms is as follows: IHT100a: Gift or other transfers of value in a trust. IHT100b: End of a QIIP. IHT100b: End of a QIIP due to death. IHT100c: Exit charge on assets in a trust. IHT100d: IHT on the 10-year anniversary of a trust. IHT100e: Charges on special trusts. IHT100f: Ending of a conditional exemption. IHT100h: Assets previously held in an '18 to 25' trust. These forms are definitely not DIY so reach out if you'd like my support. ASWATAX #inheritancetax #hmrc

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HMRC have published draft legislation and a policy paper outlining the proposal for the abolition of the furnished holiday lettings (FHL) tax regime. Find out what this will mean for landlords: https://lnkd.in/eDrTyCs5

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A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a capital gains tax liability or for companies to calculate corporation tax liability on chargeable gains. The request for a PTVC should be made using the CG34 form. HMRC’s guidance says the form must be completed and sent to the address on the form at least three months before the relevant tax return filing date. #HMRCValuations #Tax

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Should creditors decide to extend the convening period?   Voluntary Administrators must convene a first meeting of creditors within 8 business days of their appointment and a second meeting, to decide the Company’s future, within 20 business days or 25 business days in December or Easter (the Convening Period).   The administrator can only extend the Convening Period by applying to Court. In large and complex administrations these applications are common and generally uncontroversial. In 30 years of operation there is only 1 reported case where such application was refused by the Court and a few more where the requested extension was shortened.   Given the history and that the first meeting will be held anyway, should creditors have power to resolve to extend the Convening Period at the first meeting without a Court application?   #lawreform #insolvency #restructuring

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A "must read" document to start your journey to the new UK accounting standards. Whilst we await the new SORP exposure draft this is the most useful guide I have come across so far!

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How Our Client Saved £186k from Inheritance Tax: Complimentary Review: Following our complimentary second review of their tax situation, the client engaged our services. Property Portfolio Growth: The client aimed to expand their property portfolio for long-term wealth preservation and legacy planning. Identifying Tax Implications: We identified the potential inheritance tax implications, particularly given the appreciating value of the properties. Mitigating Strategies: Through strategic restructuring of corporate entities and meticulous tax planning, we devised effective mitigation strategies. Reduced Inheritance Tax Liability: Our comprehensive approach resulted in a substantial reduction of the client's potential future inheritance tax liability. Total Savings: In total, our client saved an impressive £186k from their inheritance tax obligations. By aligning our expertise with the client's long-term objectives, we not only safeguarded their wealth but also facilitated their legacy aspirations DM me "Second Opinion" for a FREE Second Opinion Call

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Who Our Tax Planning Tips Are For (and Who They’re Not For) Are you a small owner-managed business in the UK looking to optimise your tax planning? Our latest blog post is tailored specifically for YOU! **Who This Is For:** ✅ Small business owners managing their own finances ✅ Entrepreneurs operating from home ✅ Business owners seeking to maximise tax deductions and reduce liabilities ✅ Those who want to better understand mileage claims, capital allowances, and more **Who This Is NOT For:** ❌ Large corporations with dedicated finance departments ❌ Businesses with complex international tax structures ❌ Owners who do not manage their day-to-day finances Our comprehensive blog covers everything from home office deductions to capital allowances, ensuring you’re making the most of your tax benefits. Don’t miss out on valuable tips to keep more of your hard-earned money! 👉 Read more:https://lnkd.in/ekWCaCF6 #TaxPlanning #SmallBusiness #MicroBusiness #UKBusiness #FinancialTips"

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Struggling with an overdrawn director’s loan account? Declaring a dividend could be the solution! In our latest article, we break down the impact and mechanics of using dividends to clear director’s loans, covering key tax implications and timing strategies. Head over to our website and read the full article now for expert advice from Morrissey Chartered Accountants: https://lnkd.in/ePR4sdGk #BusinessFinance #TaxStrategy #DirectorsLoan #Dividends #AccountancyTips #TaxPlanning

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This week is mental health awareness week. Our clients' mental health is at the heart of everything we do here at NHD Tax Solutions Ltd and this shared value is one of the reasons why our team work so well together. An email to me from a potential client during the past couple of weeks included the following sentence: "I have been very impressed with you, not just your professional knowledge and experience, but your thoroughness, and kindness too". Receiving this feedback made me very happy because this is exactly the impression I try to give. I have conversations on a weekly, at times daily basis, with individuals dealing with a once in a lifetime, often traumatic HMRC issue. This is normal for me but it is not normal for the taxpayers concerned and my role is to spend as long as needed to help the individual share information with me that they may not yet have shared with anyone else, not even their close family. I gather all of the information I need to propose a way forward and offer plenty of reassurance along the way. Taxpayers requiring support with a tax dispute all have a unique story and all of our clients receive a tailor made strategy and our way of working, communicating and meeting with our clients fits around their needs. Those with a tax dispute may or may not have made mistakes in the past. One thing many of my client's have in common is that they want to put things right and I therefore do my very best to help them with that and to achieve the right result with HMRC.

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A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a capital gains tax liability or for companies to calculate corporation tax liability on chargeable gains. The request for a PTVC should be made using the CG34 form. HMRC’s guidance says the form must be completed and sent to the address on the form at least three months before the relevant tax return filing date. #HMRCValuations #Tax

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Read this article to find out how rental income from letting overseas properties is charged to UK tax. Read More: https://buff.ly/3A7fugZ #overseaspropertybusiness #UKTax #OverseasProperty #RentalIncome #TaxRelief #PropertyInvestment

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Did you know we can review your business structure❓ Get in touch👇 [email protected] We are experts in guiding businesses and can review all the advantages and disadvantages of running your business as a sole trader, partnership or limited company.👍 We’ll consider the various tax implications, but also the commercial issues that can sometimes be important.✅ Give us a call today to find out more: Morecambe 👉01524 566190 Leyland 👉01772 984 985 - - - #VerveAccountancy #Morecambe #Leyland #BusinessStructure #AccountantsUK #ReviewBusinessStructure

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I have my contacts/clients advising ME on tax these days... 🙈😱😱🤣🤣🤣 On a serious note, expats and non-domiciled individuals should speak to me BEFORE investing in UK property. 😜💯👍 We have extremely tax-efficient solutions we can explore and mould into your circumstances and strategy moving forward. ASWATAX #taxplanning #taxadvisory

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New article alert 🔔 Non-Dom Reforms: Changes to Inheritance Tax 📆 The latest Budget introduces significant changes that will reshape inheritance tax (IHT) rules for non-doms starting April 6, 2025. In Part 2 of our series, we break down the details and implications of these changes for individuals and trusts. Key highlights include: A new residency-based test will apply to determine the scope of IHT on most non-UK assets, with new rules being implemented for lifetime transfers, spouse exemptions and gifts with reservation of benefit, amongst others. The scope of IHT on offshore settlements will now depend on the residence status of the settlor and will only be permanently fixed once the settlor has died. The new rules will provide certainty for UK domiciled individuals who have been living outside of the UK long term but could also bring some unexpected tax charges for any trusts which they have created in the past. These changes are complex and far-reaching, affecting both non-domiciled individuals and UK domiciled individuals living abroad. Transitional arrangements offer some exceptions to the rules but the clock is ticking to take advice before the changes are implemented. Check out my article for the full details 👇 https://lnkd.in/eEjrTWJ9 #InheritanceTax #Budget2024 #NonDomChanges

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In a fun new development a number of my non resident clients have received simple self assessment notices attempting to collect tax on bank interest received. HMRC tells me the notices are issued automatically on receipt of the information from the bank. There is apparently no way to check the information against the main self assessment record so no ability to link to recognised non resident status. To get the notice cancelled you have to call up and they will amend manually. What a waste of time and effort and an unnecessary worry for clients. #HMRC #incometax #selfassessment.

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During the Spring Budget, it was announced that the special tax regime for furnished holiday lettings would be abolished. Read this article to learn about HMRC's stance on the proposed 'brightline' test for determining whether FHL landlords are operating as businesses. Read Here: https://buff.ly/3xGYhJX #fhl #trading #TaxNews #LandlordUpdates #PropertyTax #RealEstateNews #HolidayLettings #PropertyInvestment #RealEstateTrends #RealEstateInvesting

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