Fiscale Ltd

The hard work put in by so many people has paid off! Lets hope that the updated guidance puts an end to this issue and the other businesses under enquiry get a positive update early next year.

HMRC’s R&D Interpretation Challenged Again With less than three weeks to go for HMRC to Appeal the Collins Construction Decision, HMRC has faced another defeat over their interpretation of subsidised and subcontracted R&D. In the latest case, Stage One Creative Services Limited contested a discovery assessment of 2 earlier years, which the judge also ruled in their favour, finding that the discovery threshold was not met. We should soon have a clearer understanding of the implications for Collins and other pending cases in the middle of December when HMRC’s time to appeal runs out. 

 Government to Introduce Mandatory Registration for Tax Advisers from 2026 In a significant move to clamp down on rogue tax practitioners and unethical operators, the government will mandate registration for all tax advisers dealing with HMRC starting April 1 2026. Under the new rules, any adviser or accountant providing tax-related services and interacting with HMRC must register with HMRC. This initiative aims to eliminate substandard or unscrupulous tax advice and services. Key points: Mandatory Registration: All tax advisers must register with HMRC before offering client services. Oversight: HMRC will oversee the registration, rejecting options for professional body oversight or a new independent regulator. Industry Impact: Approximately 85,000 tax advisers and accountants will need to comply, regardless of professional body membership. Competence and Standards: The lack of current technical competence requirements has allowed unethical practices to flourish. The new framework aims to address this. With this in mind, receiving high-quality tax advice has never been more critical. Please get in touch if you would like any guidance or advice. #TaxAdvice #HMRC #Regulation #Compliance #TaxProfessionals

We had a delighted client earlier this week after the Fiscale team completed a successful Alternative Dispute Resolution (ADR) agreeing that the projects submitted in their R&D Tax Credit claim were valid for R&D tax relief. Previously, HMRC had rejected them and refused requests to discuss in a call. The claim is worth £30,000 to our client. Months of back-and-forward correspondence did not persuade them otherwise and ADR became the only way forward. HMRC have every right to open an enquiry into any R&D Tax credit claim, but this is a lengthy process, often overshadowed by the unhappy prospect of previously paid tax benefits being returned with interest and penalties added.  Not a welcome process for any small business. ADR is an opportunity for both sides of the debate to discuss the issues through a mediator and in our experience these meetings are valuable way to get a resolution. Congratulations to the Fiscale team led by Eve Hopley CTA, technical director at Fiscale and technical lead Adam Spriggs CTA. This comes hard on the heels of a landmark decision in the First-tier Tribunal (FTT) in October 2024 in favour of our client Collins Construction Ltd in respect of sub-contracted and subsidised R&D . If you need any help with an HMRC enquiry, ADR or FTT, please get in touch. #tax #randdtaxcredits #randdadvisor #randdtaxrelief #hmrc

2024 Budget: R&D Tax Credits As expected, the 2024 budget has left R&D tax credits untouched. The new merged R&D scheme will therefore continue to operate as planned for accounting periods starting from 1 April 2024. This merged scheme will provide a 20% taxable credit on qualifying R&D expenditure, or if your company spends more than 30% of its costs on R&D, the level of tax relief can be up to 27%. We're looking forward to working with our clients to ensure a smooth transition to the new scheme. If you are interested in learning more about the new schemes or eligibility for R&D Tax Credits, please do contact us on 01440 708333 or [email protected] #Innovation #tax #randdtaxcredits #Budget2024 #EconomicGrowth

Legal victory for tax fairness for SMEs against HMRC secured by Suffolk firm “A Tribunal has found against HMRC in a groundbreaking decision which could bring an end to years of disagreement over the treatment of SMEs claiming under the Government’s R&D Tax Credit regime”. Eve Hopley, CTA, Technical Director of Fiscale, a Suffolk-based R&D Tax Credit advisor, was speaking after the publication on 21st October 2024 of the decision in the First-tier Tribunal (Tax Chamber) between its client Collins Construction Ltd and HMRC. #tax #randdtaxcredits #randdadvisor #hmrc #hmtreasury #randdtaxrelief #fft #taxcase

Joe from Fiscale Ltd is ready for his drop-in day today! Fiscale Ltd are experts in R&D tax credits and Patent Box Relief, so pop into our cafe today and find out what your business is entitled to. Joe will be available from 10am-2pm and has a wealth of knowledge and experience to get your business the support it needs. #dropinday #taxcredits #businesssupport #businessgrowth

Headlines from the 2024 Research and Development Tax Credit Statistics Provisional estimated amount of total R&D tax relief support claimed for the tax year 2022 to 2023 was £7.5 billion. Tax relief claimed through the SME scheme fell by 3% compared with the previous year, while relief claimed through the RDEC scheme increased by 7% Estimated total number of R&D tax credit claims for the tax year 2022 to 2023 was 65,690, a decrease of 21% from the previous year. Drop in the number of claims up to £15,000 and an increase in the number of claims above £250,000 Information & Communication, Manufacturing, and Professional, Scientific & Technical sectors continued to have the greatest volume of claims, making up 67% of total claims and 70% of the total amount claimed for the tax year 2022 to 2023. If you would like to discuss any of these points in more detail with us, please call on 01440 708333 or email at [email protected] #RDTaxCredits #Innovation #statistics

Last week we attended the North Essex Business Expo! Full of networking, learning, and connections 🚀 With over 100 stands, there was something for everyone. From tech start ups to established businesses, the variety was impressive. Thank you Aaron Desmond and all the sponsors who made this event possible, it was great to attend. #bringingbusinessestogether #networking #business #randdtaxcredits #randdtaxrelief