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HMRC has the right to investigate any tax return submitted by any taxpayer. The department has considerable powers to inspect documents and to question the taxpayer. HMRC does not need a reason for an investigation. It selects some returns at random so an investigation does not necessarily mean that you are suspected of doing anything wrong. The procedures for tax Continue Reading

Research and development (R&D) and patent expenditure are treated generously for tax purposes. The main provisions are:                 • R&D relief                 • capital allowance for R&D                 • expenditure on patents and know-how                 • the patent box. What is R&D? For accounting purposes, R&D is largely defined as expenditure that cannot qualify for tax relief unless it can Continue Reading

We have reproduced two of the more surprising changes announced in the Budget notes published immediately following George Osborne’s presentation last week. HMRC to be given powers to raid bank accounts:  “The government will modernise and strengthen HMRC’s debt collection powers to recover financial assets from the bank accounts of debtors who owe over £1,000 of tax or tax credit Continue Reading

The next Craigavon Business Forum meeting is this Friday at 7.45am at CIDO Innovation Centre.  We are pleased to announce that John McKee, author of ' Star Leadership behaviours for stellar SME growth' and director of Linkubator, has agreed to speak to us on 'Leading Like an Owner'. Everyone is welcome, simply email vanessa@mcclearyaccountants.com , so that we can reserve Continue Reading