For accounting periods beginning on or after 1 April 2024, a new merged scheme for research and development tax credit comes into force. The new merged scheme replaces the old RDEC and small and medium-sized enterprise (SME) schemes. The new scheme reduces the amount of benefit that would generally have been received under the old scheme.
HM Revenue & Customs have recently updated and clarified their guidance on training costs paid by the self-employed. The general rule for whether the cost of a training course can be deducted from your self-employed profits is that it must be incurred wholly and exclusively for the purposes of the trade being carried out by the business at the time that the training is undertaken.
Tax-Free Childcare accounts can be used to pay for approved childcare for children aged 11 or under, or 16 if the child has a disability.
For individuals and businesses wanting to donate money to help to support those suffering in Ukraine, there are a number of charities providing humanitarian relief. Ideally this should be done via the Disasters Emergency Committee (DEC).
In preparation for the 130% ‘super-deduction’ for companies coming to an end on 31 March 2023, other alternatives are being considered in an attempt to continue encouraging investment from April 2023.
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