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The rate of the SME R&D tax credit enhancement has increased from 150 per cent when it was first introduced in 2000 to the rate of 225 per cent as at 2013. The Chancellor of the Exchequer announced in his 2014 Autumn Statement that the super deduction rate for the SME relief regime has been increased from 225% to 230%, on expenditure incurred ...
RDEC stands for Research and Development Expenditure Credit, a scheme that allows large companies to claim a payable cash credit or reduce their tax bill as a proportion of their R&D expenditure in the UK. Learn about the history, eligibility, calculation and other technology tax reliefs related to RDEC.
Working Tax Credit (WTC) is a state benefit in the UK for low-income workers. It is paid by HMRC and will be replaced by Universal Credit by 2024. Learn how it works, its history, elements and withdrawal rates.
Discounts and allowances are reductions to a basic price of goods or services.. They can occur anywhere in the distribution channel, modifying either the manufacturer's list price (determined by the manufacturer and often printed on the package), the retail price (set by the retailer and often attached to the product with a sticker), or the list price (which is quoted to a potential buyer ...
HMRC is a UK government department responsible for taxes, benefits, national insurance and other regulatory regimes. It was formed in 2005 by the merger of the Inland Revenue and HM Customs and Excise, and has a history of law enforcement and intelligence roles.
Learn about the history and current system of taxation in the UK, including income tax, National Insurance contributions, VAT and other taxes. Find out how contributions are deductible if they meet the general test of being made wholly and exclusively for the purposes of the contributor.
Video Games Tax Relief – The Video Games Tax Relief (VGTR) was established in 2014 to help support creativity in the UK games industry. The key benefit of the tax relief is that qualifying companies can claim up to 20% of their "core expenditure" back, provided that expenditure has been made in the European Economic Area (EEA).
Where no allowances exist, code BR is used to tax at basic rate (20%), code D0 is used to tax at higher rate (40%) and code D1 is used to tax at the additional rate (45%). If no tax is to be collected, code NT is used. If tax has to be collected on an income above PAYE earnings, a K code is used. This works as equivalent to a negative tax ...