by Claire Aston | Jan 7, 2025
Error and fraud within R&D tax relief reached £1.1bn in 2020-21 (24% of all claims) before HMRC took action to stem the losses and tighten up the claims processes. New disclosure facility launched for businesses who overclaimed R&D relief wanting to set their...
by Claire Aston | Oct 24, 2024
£300 million tax lost to non compliance by UK resident individuals on offshore accounts in 2018-19 This figure appears to be a gross underestimate, definitely excluding any assets held through companies, and the treatment of assets within trusts isn’t clear...
by Claire Aston | Sep 27, 2024
Yesterday HMRC published its annual statistics on the tax relief for Research & Development (R&D) in the 2022-23 tax year. The main findings were: A fall in the number of claims made, down 21% to 65,690. Most of the fall was concentrated in the SME scheme,...
by Claire Aston | Sep 3, 2024
£2.2bn of tax relief paid to creative industry firms, half claimed by High End television productions in 2022-23. Claims up from £1.9bn the year before. Huge growth in High End television claim amounts, which have more than doubled in 3 years. Claims exceeding £2m per...
by Simon Watkins | Aug 14, 2024
HMRC accounts qualified again due to persistent large scale error and fraud in SME R&D scheme Levels of error and fraud falling, but remain a material issue for HMRC HMRC needs to address compliance without disincentivising legitimate claims Tax Reliefs need to...
by Claire Aston | Jun 14, 2024
At the end of the week of the political party manifestos for next month’s UK General Election, the TaxWatch team have been looking through the various pledges concerning tax from a compliance and administration lens and summarise our thoughts below. Labour Party All...
