September 2023 – RSBC – Tax & Accounting Consultants, London

Recent Transformations in R&D Tax Relief Scheme and their implications

As of October 6, 2023, HMRC has intensified its scrutiny, investigating a higher number of claims and imposing more compliance checks, penalties, and even arrests. The mandatory random enquiry programme (MREP) analysed a sample of 500 SME claims, uncovering alarming results. Key findings from the report include: Nearly 50% of investigated claims exhibited errors or …

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UK Tax Authority Releases CEST 2.0, Upgrades IR35 Determination Tool

News / By rsadmin

The Check Employment Status for Tax (CEST) tool provides HMRC’s perspective on a worker’s employment status, utilising the information supplied. It also serves to assess whether modifications to contractual terms or working arrangements could impact the worker’s employment status. CEST, introduced in 2017, assists in status determinations related to IR35 but lacks legal authority and …

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What should I consider, when looking for an accountant?

Tips / By rsadmin

Introduction Choosing the right accountant is a crucial decision for individuals and businesses alike. The financial health of an organization depends significantly on the expertise and reliability of its accounting professional. In this article, we’ll explore the essential considerations that one should keep in mind when embarking on the search for an accountant. Qualifications and …

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How to enhance the digital skills of traditional finance professionals

Tips / By rsadmin

Introduction In an era characterised by rapid technological advancements, the finance industry is undergoing a profound transformation. Traditional finance professionals, who have long relied on conventional practices, now find themselves in a landscape dominated by digital innovations. To stay relevant and competitive, it has become imperative for these professionals to enhance their digital skills. This …

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Inflation Drop Maintains Status Quo on Interest Rates

News / By rsadmin

The Bank of England has halted its interest rate hike for the first time in nearly two years, maintaining the UK’s main borrowing cost at 5.25%. This decision follows a series of successive increases, marking the highest level since February 2008. The Federal Reserve and Switzerland’s central bank have also kept rates steady. The move …

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