Tax Updates

Research and Development Tax Relief Update



HM Revenue and Customs (HMRC) have updated their guidance on claiming research and development (R&D) relief to include information about ‘advance assurance’, which has been available since November 2015 to companies that claim R&D tax relief. Broadly, once a company’s application for advance assurance has been accepted, HMRC will allow the claim without further enquiries for the first three accounting periods of claiming R&D tax relief. See



VAT Refunds



New guidance on obtaining refunds of VAT paid in the EU has been published.



Employee Expenses Regulations Published



The Income Tax (Approved Expenses) Regulations 2015 set out the method of exempting paid or reimbursed expenses as part of the removal of the ‘dispensation’ system for expenses incurred by employees. The Regulations came into force on 21 December 2015, and apply in relation to payments made in the tax year 2016-17.