Posts Posts by: "Maria Kitt"

Autumn Budget 2024

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Road to nowhere? In Ms Reeves’ first Budget Speech, we unveil the new Corporation Tax Roadmap, looking ahead to a ‘stable’ corporate tax regime provides us with greater confidence. However, the devil is always in the detail and we take a closer look at the medium term for innovative companies here, writes MARIA KITT Director…(Read More)

New information requirements for the electronic filing of RD relief incentives were formalised in the publication of SI / 2024 / 950  on 11 September. These consolidate the initial ‘Additional Information’ requirements first outlined in Finance Bill 2023 (Autumn)[1] providing HMRC with protection from erroneous or fraudulent claims. The Regulations cover claims within…(Read More)

The UK government has been relatively quiet about ongoing support for the feted ‘Science Super Power’ we are to become by 2030 in the run up to the election writes MARIA KITT, Director, Tax insight UK. However, we spotted a boost for those within green automotive & EV technologies was ‘recently’ announced: does the amount…(Read More)

As we approach the beginning of FY 2024, [ 01 April 2024], writes MARIA KITT, PARTNER TAX INSIGHT UK, a number of key changes will take effect, building on the initial HM Treasury 2021 Consultation and outline ‘Corporation tax roadmap’ for innovative companies. The last part of these reforms focuses upon promoting inward RD…(Read More)

Yesterday the Chancellor’s proposals to move toward a single RD incentive began their legislative process through parliament, consolidating the reforms begun by HM Treasury in November 2021. For innovative companies, the changes will be fairly marginal and interestingly there was no sign of the offshore subcontracting limitations appearing yet in legislative proposals (Good news…(Read More)

RD Claims – Additional Information Requirement effective 01 August 2023. MARIA KITT, Director Tax Insight explains HMRC now required additional information to support ALL claims for RD incentives & Reliefs, with some companies being required to make advanced notification of their intention to claim. Unsurprisingly, the new system has quickly weeded out deficient claims that…(Read More)

For both SME and RDEC claimants, a notification of the intention to claim RD tax reliefs and incentives is now required for accounting periods beginning after 01 April 2023. These changes are part of the HMRC compliance measures to protect the schemes and improve efficiencies. Check if your company needs to make a notification here…(Read More)