Entries by Chris Watson

Some Budget cheer for SMEs – but challenges remain

Chancellor Philip Hammond responded to some of the challenges facing Britain’s smaller businesses in his Budget announcements. The measures to support struggling high street businesses and cuts to the cost of apprentices are really welcome moves. And they have been seen as a sign that the Chancellor has listened to the concerns of the small […]

Will the Chancellor listen?

He may not have much ‘wriggle room’ and the national focus may be on the thorny subject of Brexit, but the UK’s small businesses will be watching and hoping Chancellor Philip Hammond responds to the challenges they face. The perceived wisdom is that the Chancellor’s statement on October 29 will be very much a holding […]

R&D support on the rise

R&D tax relief claims are rising but new figures show that manufacturing companies are falling behind other sectors when it comes to applying for the valuable business support scheme. The total amount of R&D support claimed by UK businesses has increased by 25 per cent, bringing the total for 2016-17 to £3.7bn. The figures have […]

Time to declare your offshore assets

HMRC is urging taxpayers to come forward and declare any foreign income or profits on offshore assets before September 30 to avoid higher tax penalties. New legislation called ‘Requirement to Correct’ requires people to notify the taxman about any offshore liabilities relating to income tax, capital gains or inheritance tax. HMRC says that some taxpayers […]

Are you missing out on R&D support?

It’s a quite shocking statistic. According to new figures, the Treasury owes Britain’s small businesses more than £84bn in backdated research and development (R&D) tax relief. Tax relief specialist Catax says that around 3.5 million small businesses are actively trading in the UK, with 57 per cent eligible for tax credits on R&D. However, only […]

Make sure rule changes aren’t taxing

The new tax year is upon us and that means a host of previously-announced rule changes have now come into force. Many will have an impact on small business owners and the self-employed, so it is important to be aware of them and to take advice to ensure that they don’t have an adverse effect […]

Spring statement – nothing to see here

It was previewed as being a low key affair and Chancellor Philip Hammond’s Spring Statement certainly lived up to that billing. Those who weren’t expecting much were not disappointed and for many businesses already battling with a raft of legislation and used to the double-whammy of two Budgets a year in the past, that will […]