Tax Tidbits – Stuff Not in the Budget

05/11/2018


Looking through the tech budget stuff…this is actually important!

'Preventing abuse of the Research and Development (R&D) tax relief for small and medium sized enterprises':

Finance Bill 2019-20 will introduce a limit on the amount of payable tax credit that can be claimed by a company under the R&D SME tax relief. The limit will be set at three times the company’s total PAYE and National Insurance c ontribution (NICs) payment for the period. The change will have effect for accounting periods beginning on or after 1 April 2020. Any loss that a company cannot surrender for a payable credit can be carried forward and used against future profits.

So imagine you are a start-up – very small payroll (and of course get the first £3k of NICs relieved) and the tiny profits you make are dividended.. You may be carrying forward your tax credits for a long time. This scenario is not uncommmon.
 

There is also bad news (para 2.30) for producers of single-use plastics https://bit.ly/2D0DUIH, mainly not recyclable.

For more detail look here.

at 2.45 the price of UK property will rise 1% for non-residents

 and 2.47 they'll be looking at EPOS systems that hide the true sales level.   There's always some interesting stuff not in the speech and immediate press coverage!

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