The amount of R&D Tax Relief that applies to qualifying expenditure has changed since the 1st of April 2023. In summary, the rates of relief available through the SME R&D Tax Relief scheme have reduced, whilst the amount of relief available through the large company Research and Development Expenditure Credit (RDEC), has increased. The SME scheme’s enhanced expenditure … Read more
The long-awaited Spring Budget 2023 was announced yesterday and #TeamSAS have broken down the key take away points delivered by Jeremy Hunt below. Reassurance was given that the UK will not enter a technical recession. The Office for Budget Responsibility (OBR) predicts that inflation will fall from 10.7% to 2.9% by the end of 2023. … Read more
CIS stands for Construction Industry Scheme. Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). Contractors must register for the scheme. Subcontractors do not have to register, but deductions are taken from their payments at a higher rate if they’re not registered. Did you know … Read more
National Insurance (NI) payments have gone up. The government says the rise will help the NHS recover from the Covid pandemic and fund social care in England. What is National Insurance (NI)? Essentially, national insurance is a tax that counts towards your entitlement to state benefits and the state pension. This means employees, self-employed individuals, … Read more
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