UK government cracks down on business tax credits
The UK government has been accused of being overzealous in its pursuit of companies claiming research and development tax credits. HM Revenue and Customs (HMRC) has admitted that officers have been assigned to review thousands of cases of research and development tax credits being claimed by small, medium and large companies in the UK.
Despite the fact that the reduction of any claims will have a detrimental effect upon the balance sheet of the companies involved, HMRC believes it is doing nothing but working to the rulebook and attempting to eradicate illegal claims. It believes a number of research and development tax credit claims are in fact ultimately connected with production making many claims therefore illegible under the current tax regime.
Many people in business would point towards this as yet another penny pinching program from the UK government at a time when companies around the UK need as much help as they can get. It would appear that the refocus of certain tax inspectors towards the research and develop tax credit system was done without any fuss or any mention in the press, although somehow this has leaked into the financial papers over the last few days. Whether tax inspectors are being "overzealous" and interpreting the rules differently than they have done in the past is open to debate.
Share this..
Related stories
Lloyds bank set to hit the headlines again
Lloyds bank is expected to write off around £13 billion on its loan book to commercial property, businesses and mortgage holders across the UK. This particularly disappointing news is set to be announced with results in three weeks time which will also show losses exceeding £6 billion for the first half of 2009 and total write-offs since the merger with HBOS in excess of £20 billion.
Older workers will help boost economy and jobs
11/03/2015 A government backed report has claimed that people retiring later and staying on the workforce into their 50s creates more jobs for younger people, not fewer. Dr Ros Altman, who is the government appointed champion for older workers, has created a report in which it reveals that keeping older people at work not only creates more jobs for young people, but can also boost wages thei...
Read MoreUK government set to amend inheritance laws
The UK government is set to introduce equality laws into the area of unmarried partners with a suggestion that couples who live together for five years would automatically be entitled to half of their partner's estate in the event of their death. While the move will be highly controversial and attract suggestions that the traditional family structure is being weakened, this is probably a natural p...
Read MoreMajority Of UK Voters Want EU Treaty Dropped
As news of the Irish voters’ decision to reject the EU treaty continues to cause much discussion around the offices of the EU and UK governments, it seems as though UK voters believe that the treaty should now be dropped. A YouGov poll has confirmed that over 50% of the UK public want the EU treaty scrapped but there are concerns as to whether the politicians will actually carry out the wis...
Read MoreIs this D-Day for the UK economy?
David Cameron last night threw down the gauntlet to Nick Clegg suggesting it was decision time for the Liberal Democrat party. Yesterday's last-minute intervention by Gordon Brown, who offered to stand down as part of a potential Liberal Democrats and Labour party alliance, has certainly increased the heat in UK politics. So which way will Nick Clegg fall? There is growing speculation this morn...
Read More