Research and Development (R&D) tax relief and credits give a tax advantage to both small and medium sized enterprises (SME’s) and large companies undertaking qualifying activities, namely advancements in science or technology.
For many of us, spending a considerable amount of time in front of computer screens is part of our daily routine.When you use a Visual Display Unit (VDU) required by your role, the company (employer) can provide eye tests, contact lenses or glasses tax and NIC free subject to certain conditions and in line with Health and Safety regulations.
It isn't so commonly known that employees are able to claim tax relief on work related expenses. These are expenses that are incurred for work purposes and are not reimbursed by the employer. To get tax relief on these expenses a claim must be submitted to HMRC. This can be done using form P87.
As a contractor or freelancer, you may have used the festive break to think about the next steps you will take to improve your business. We hope you also used the holiday to think about your self-assessment tax return as the deadline is looming.