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
Latest
![UK Cryptoasset Guide: How to tax Bitcoin and Altcoins [2021]](https://images.unsplash.com/photo-1543699539-33a389c5dcfe?crop=entropy&cs=tinysrgb&fit=max&fm=jpg&ixid=MXwxMTc3M3wwfDF8c2VhcmNofDN8fGJpdGNvaW58ZW58MHx8fA&ixlib=rb-1.2.1&q=80&w=600)
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'
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?
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)