Tax returns – a necessary evil, but did you realise that filing them early can help both you and your business. Read on to find out more.Continue reading
Research and development (R&D) tax credits were introduced for small and medium sized enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a corporation tax relief to encourage innovation and enterprise within the UK economy.
Small and medium-sized enterprises (SME) can claim SME R&D tax deductions totalling 230% of any qualifying R&D expenditure (from 1 April 2015). It is also possible to claim a tax credit if the company is loss making.
It is important
Companies often have to contend with having two different company accounting periods. This is because there are different rules for Companies House filings and submissions to HMRC, for corporation tax purposes.
The accounting periods can be the same but can also differ and a change may need to be made to ‘sync’ the accounting periods. As a general rule, the Companies House rules are more flexible and under certain circumstances it is possible to make a change to the year end. The Companies