Research and Development (“R&D”) relief has been around in one form or another for well over a decade, yet the government estimates that there are still thousands of companies that are failing to claim the relief that they are entitled to. Our experienced tax advisors have prepared hundreds of successful R&D claims for projects ranging from the development of new types of paint to the creation of new software platforms.
Knowing an entry-level set of jargon for any industry is important and will make you sound and appear more credible. It’s not just about knowing your numbers, it’s about knowing what they mean. Because of how the accounting industry has been glorified with all manner of qualifications and hearsay, accounting may seem inaccessible for those who have never touched it before. In reality, the figures in themselves are straightforward, it’s only the odd bits of technical language that you need to be familiar with.
Question: Can my co-founder and I ask for a salary with our first Seed investment? We have our SEIS approval and we want to get the full £150,000 to keep the company running as long as possible, but we also need salaries to live (or we will have to move back to our parents and not be together each day). Will we be expected to not take a salary? Or should we add the salaries on top of what we need to start the company?
These recent employment cases involving Uber and Pimlico Plumbers have highlighted the shift in working practices across the UK. While Philip Hammond has promised to find an efficient way to tax workers in this ever-changing economy, now is the time to review how you engage the services of your contractors and ask yourself the following questions:
Value Added Tax (VAT) is a consumption tax assessed on the value added to goods and services. It applies to broadly all goods and services that are purchased or sold for use or consumption in the European Union.