It may sound too good to be true and in most cases it is. However if you undertake any expenditure on research and development and you can meet HMRC’s fairly restrictive criteria, then every £1 spent allows a claim of £2.25. The project must seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty – and not simply an advance in its own state of knowledge or capability. If in doubt, give me a call.
Whilst we support HMRC’s move to online filing, there have to be exceptions. 3 small business owners have just won their appeal against HMRC’s requirement that they file their VAT returns online. Two had disabilities that made it excessively difficult or impossible to use a computer and the third lived in a remote area where broadband access was absent or unreliable. Given that they had filed their returns promptly and accurately on paper for many years, why should they incur the cost of instructing an agent. A small victory for the taxpayer!
Whilst we try and avoid paper these days, some tax returns, with particular circumstances, have to be submitted on paper. The deadline for paper returns is the end of this month, so we need your personal tax information in – just in case it applies to you. And if not, wouldn’t it feel good to have it all sorted anyway before the Christmas rush starts!
HMRC’s tax receipts from investigations into small and medium-sized businesses have increased by 31% in the last year, up from £434m in 2011-12 to £565m in 2012-13. Watch out for details of our fee investigation protection later this month. This may be the year to join!