News

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 …

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

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 …

UK Tax Authority Releases CEST 2.0, Upgrades IR35 Determination Tool Read More »

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 …

Inflation Drop Maintains Status Quo on Interest Rates Read More »