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Claiming R&D Relief? It Isn’t Just for Tech Start-Ups

Anyone who thinks the UK is lagging behind its neighbours in the East when it comes to technological innovation, might be surprised to learn how much British businesses – and SME’s particularly – are claiming in R&D tax credits.

Research and development (R&D) tax credits are a valuable government tax relief that rewards UK companies for investing in innovation.

Latest statistics from HMRC show a 22 percent increase in the number of SME claims over the past year, with claims totalling £905 million…

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Making Tax Digital – Bringing the Tax System Into the 21st Century

The Government’s Making Tax Digital (MTD) initiative is the biggest change to the UK tax sytem we have seen for decades and it will affect businesses of all sizes and all types, with the aim of ‘bringing the tax system into the 21st Century.’ There have been a few bumps in the road on its journey to implementation, but the timetable of its roll-out has now been settled and the new regime is…

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Morgan Hemp Boosts The Team and Supports Young Professionals Taking Their First Career Steps

We are delighted to have expanded the Morgan Hemp team with three new recruits – all of whom we are supporting towards completing their professional qualifications.

Rhydian Davies, Llew Gibson and Josh Anthony have joined us as trainees, working towards the next stages of their AAT (Association of Accounting Technicians) and ACCA (The Association of Chartered Certified Accountants) qualifications.

As an approved accountancy training practice, we are committed to ensuring all our staff members build upon their professional qualifications.

All three new recruits are from the Swansea and Llanelli area, having…

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Getting ready for GDPR

The new General Data Protection Regulation (GDPR), which will replace the existing Data Protection Act (DPA), takes effect from 25 May 2018. UK organisations that process the personal data of EU residents need to ensure systems are in place by then to enable compliance with new requirements.

The GDPR is more extensive in scope and application than the current DPA. The Regulation extends the data rights of individuals, and requires organisations to develop clear policies and procedures to protect personal data, and adopt appropriate technical and organisational measures.

The GDPR…

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HMRC launch further Help-to-Save consultation

Following an earlier period of consultation, HMRC have published draft legislation along- side a further technical consultation document, setting out proposals for the main features, processes and requirements of the new Help-to-Save accounts scheme, which is set to commence in 2018.

Help-to-Save will be targeted at working families on low incomes to help them build up their savings. The scheme will be open to around 4 million individuals who either receive universal credit and have minimum weekly household earnings equivalent to 16 hours at the national living wage, or…

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The cost of driving a ‘greener’ car

The financial benefits of driving a company car have continued to erode over recent years, but this benefit remains one of the most popular and potent perks of a job.

Broadly, the taxable benefit arising on a car is calculated using the car’s full manufacturer’s published UK list price, including the full value of any accessories. This figure is multiplied by the ‘appropriate percentage’, which can be found by reference to the car’s CO2 emissions level. This will give the taxable value of the car benefit. The employee pays…

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MTD VAT regulations to be available by April 2018

The government has confirmed plans to publish and consult on draft VAT regulations for Making Tax Digital (MTD), with the aim to have the regulations in place by April 2018 to give businesses and software developers at least twelve months to prepare.

In July 2017 the Government announced that MTD is being delayed. MTD will be not be mandatory until April 2019, and then only for VAT. From that date, businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep digital records for VAT…

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Mind Your Business, But Mind Your Health Too

We have all seen people logging onto their company emails by the pool or on the sun lounger just to check the sky hasn’t fallen in during their absence – most of us have been that person from time to time.

In fact, recent research from challenger bank Aldermore shows that one in five small business owners have cancelled a holiday in order to finish off some pressing work at the office and a fifth failed to take a single day off work in the past year.

You have…

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Making Tax Digital for Business: update

In July, the Government confirmed that the Summer Finance Bill would be published in September, with the measures dropped from the pre-election Finance Bill being reintroduced in more or less the same form, from the initially planned commencement dates. Clauses dropped from the pre-election bill and expected to be brought back include those on Making Tax Digital (MTD), although the implementation date for income tax is being postponed.

There is widespread agreement that Making Tax Digital for Business is the right approach for the future.However a number of concerns…

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Double glazing salesmen was self-employed

Employment status tax cases often make the headlines in the professional press and the June 2017 case of Tomlinson was no exception. In this case, the First-tier Tribunal found that a double glazing salesman (Mr Malcolm Tomlinson) was self-employed and not an employee as he had claimed.

As with most employment status cases, this case focused on the details of the terms on which Mr Tomlinson was engaged with the company.

Many facts of the case pointed towards a self-employed status, including the fact that there was no written…

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