Steve Livingston

Steve Livingston LLB FCA is the Founder of IP Tax Solutions. Having trained at Big 4 firm, KPMG, and progressed to Senior Manager, he was appointed as a Partner at a mid-tier global firm.

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Personal Tax

Become Your Company's Own Private Bank

Directors loan accounts that are in credit provide a valuable tax planning opportunity, especially at a time of rising interest and corporation tax rates

R&D Tax Credits

R&D tax credits: Claim now or wait for future relief at 25%?

For many years, the default option for the majority of SMEs has been to claim the R&D tax credit rebate rather than wait for potentially higher relief - will the new 25% corporation tax rate make a difference?

Company Tax

Getting ready for a 25% company tax rate

The main rate of corporation tax is set to rise from 19% to 25% with effect from 1 April 2023. Tax planning will be necessary to manage cashflow and mitigate the impact of the marginal rate of up to 26.5%

Innovation

How to drive innovation within UK businesses?

"Innovation" was repeated 8 times by Rishi Sunak in his recent speech. A speech intended to galvanise the British public into building a better future. Rishi placed huge emphasis on driving: 1. Innovation 2. Creative thinking within businesses across the UK. But he was (very) light on detail

Innovation

Fostering a Culture of Innovation

In today's fast-paced, ever-changing business landscape, innovation is essential for companies that want to remain competitive and relevant. In this blog post, we will explore the importance of fostering a culture of innovation.

SEIS / EIS

SEIS: Mini Budget Proposed Changes

The new Chancellor, Kwasi Kwarteng, clearly sees the benefit of the SEIS relief to help kick-start the UK economy as he announces further improvements to come into effect from April 2023

Budget News

Mini-Budget was NOT so "mini" (£45bn tax cuts!)

We expected some tax cuts but I don't think any of us saw this coming... £45bn of tax cuts delivered in rapid-fire in today's (not so) Mini Budget

Members only

SEIS / EIS

Issue SEIS shares first, followed by EIS shares after (always!)

A potential costly error for Founders of startups is to miss the technical point that SEIS shares must be issued before EIS shares

SEIS / EIS

Tax Incentives for Startups and SMEs (Webinar for World IP Day)

Overview of current government tax reliefs available for ambitious growing UK company including S-EIS, R&D tax credits, Patent Box, EMI share options

SEIS / EIS

Impact of Employment Allowance on SEIS Max Investment Amount

In this video we flag a potential issue for founders who are seeking funding under SEIS and may not be aware that the NIC Employment Allowance can impact on the max £150,000 amount that can be raised under SEIS

R&D Tax Credits

R&D Tax Credits: New Form required from 6 April 2021 (CT600L)

HM Revenue & Customs has introduced a further form that all companies must now complete and file when claiming either the R&D tax credit relief

Budget News

Budget (March 2021) Summary for Entrepreneurs

Here we focus on the key tax changes announced by Rishi Sunak in the March 2021 Budget Statement including corporation tax increase, the new Super deduction and other tax changes

Cryptoassets

UK Cryptoasset Guide: How to tax Bitcoin and Altcoins [2021]

As the cryptoasset market gets back into full swing in 2021 with Bitcoin hitting new all-time highs, the focus returns to how to approach taxes and tax planning for this emerging asset class

Strategy

Balance Sheet Thinking

Too often in business we fall into the trap of short-term P&L thinking - worrying about costs and expenses rather than viewing them in the context of the longer-term investment value that they might bring to the business - this is the essence of 'Balance Sheet Thinking'

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Self Assessment

High Income Child Benefit Charge: Tax Planning to Mitigate the Impact

Many entrepreneurs are surprised when they see their child benefit being clawed back via Self Assessment -if only they could plan for it...

Self Assessment

Self Assessment: Extension but with Restrictions

Although HMRC made a late change to waive the £100 penalty on late Self Assessment returns filed after 31 Jan, that's where the charity ended with no respite for due payments or enquiries

Innovation

What is the best technology stack in a modern growth focused business?

Here's a catch-up on some apps and software that we use in our modern tax & accountancy firm and that could (or should) be used in a savvy growth focused business

SEIS / EIS

SEIS: How to claim income tax relief in the prior tax year

So you have made an investment into an SEIS company but you don't want to claim (all of) the income tax relief in the latest tax year - how do you carry it back?

Paid-members only

SEIS / EIS

Rejected SEIS Advance Assurance Application - Solved

A Uni spin-out purchased software to develop it to license out to customers. It intended to raise SEIS funding but its advance assurance application was rejected by HMRC under the excluded activities test.

Personal Tax

31 January Self Assessment Tax Filing Deadline - HMRC changes

The 31 January filing and payment deadline for personal tax self assessment returns had not changed despite the COVID-19 pandemic - let's have a grumble...[Update: HMRC introduced a relaxation to the 28 Feb 2021 for filing of returns, shortly after this post went live]

R&D Tax Credits

PAYE Cap: New Rules for SME R&D Tax Credits

A new PAYE cap will be introduced in 2021 to limit payable SME R&D tax credits to £20,000 plus 300% of the company's total PAYE & NIC liability for the period

R&D Tax Credits

HMRC R&D Tax Credits Claim Statistics (2018-19)

Every year, HM Revenue & Customs releases statistics that it maintains on the overall make-up of R&D tax credit claims by number and size of claims, regions and industries. Here we analyse the figures for 2018-19

R&D Tax Credits

R&D Tax Credits & COVID-19: Impact of CJRS and Furlough

On 10 September 2020, HMRC issued their view on how the R&D tax credit relief will be applied to furloughed employees under the Coronavirus Job Retention Scheme (CJRS)

R&D Tax Credits

What software development qualifies for R&D tax credits?

Software development companies can benefit from the UK Government's R&D tax credit relief incentive but it is often unclear exactly what software activities qualify for R&D tax relief - we explain here

Innovation

10 benefits of embedding innovation into your workplace

Although helping companies navigate and claim R&D tax credits is a core service that we provide, the largest and most robust claims leave clues (hint: its in the culture of innovation within the business)