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HMRC suspends payment of some R&D tax credits

Posted. 24 May 2022

HMRC has stopped its payment of some research and development (R&D) tax credits while it investigates irregular claims.

That majority of R&D tax credit claims will not be affected, but claimants are warned there will be delays to the usual processing times while HMRC tries to prevent abuse of the relief.

An HMRC spokesperson said:

"We have paused some development...

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Experts call for rethink of online sales tax

Posted. 23 May 2022

Tax experts have challenged the Government's proposals for an online sales tax (OST) as a way to fund new business rates relief.

The Government started an open consultation on the tax earlier this year to work out what form an OST should take and when it would apply to an online sale.

It said the purpose of an OST would be to "level the playing field" between online and physical...

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Brexit cross-border tax complexities cost UK economy £47bn

Posted. 20 May 2022

Cross-border tax complexities with the EU cost the UK economy £47.6 billion in lost revenue last year, according to fresh data from the Centre for Economics and Business Research (CEBR).

The stresses of navigating complex regulations post-Brexit continues to hold back growth for UK exporters, with an average revenue loss of 16% on total EU exports in 2021.

With little set to...

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Sunak sets out ‘plan for growth’ but falls short of immediate support

Posted. 19 May 2022

Chancellor Rishi Sunak teased his plans to tackle the cost of living crisis and build growth at a dinner party for top businesses yesterday (18 May).

Speaking to business representatives at the Confederation of British Industry, Sunak said the Government "stands ready to do more" to help households and businesses cope with rising costs.

He also revealed the overall strategy of...

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UK inflation hits 40-year high of 9%

Posted. 18 May 2022

Prices are rising at their fastest rate in 40 years as higher energy bills hit millions of households.

UK inflation as measured by the consumer prices index, which is the average rate at which prices are rising, jumped to 9% in the 12 months to April, up from 7% in March.

The surge came as the price cap on energy bills rose by 54% from 1 April, the equivalent of £693 extra in...

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