On the morning of Thursday 21st of March, Rutherford Cross Consultant, Jonathan Donnelly hosted our Spring Budget Roundtable in collaboration with RSM. In recent months, Rutherford Cross has hosted several events in partnership with the firm, which has allowed us to successfully bring our networks and expertise together. We are very grateful to the team at RSM for taking the time to share their knowledge, and we appreciate the efforts of the attendees who made the effort to join us on what was a typically rainy Glasgow morning!
James Strang, Tax Partner provided an overview of where UK Corporation tax sits in comparison to the other G7 nations. In short, it’s complicated, with our main rate being relatively high at 25%, however local taxes and levies in other countries make it harder to compare and contrast. One of the key changes in this budget was National Insurance being cut by 2%.
Paul Smith, Director guided us through the minimal changes to Capital Allowances with the key point being the abolition of the Furnished Holiday Lettings regime coming in April 2025. Paul Russell, Director updated us on the digitisation of Indirect Tax. HMRC’s drivers on this include access to more data, taxpayer risk profiling, thematic reviews, and more onerous automation requirements. Paul also highlighted how the use of the Alteryx system, a powerful data automation and analytics platform, allows businesses to quickly transform, analyse, review, and format data in a Making Tax Digital (MTD) compliant way.
Graeme Brown, Director discussed the changes to Research and Development (R&D). Cloud computing costs and subcontracted costs can now be included in R&D claims and there have been changes on restriction to overseas expenditure. These changes will benefit large companies making contractor payments, SMEs that are grant-funded and companies with substantial cloud computing costs in R&D.
Despite the depth of the topics discussed, this business breakfast was informative yet informally presented which allowed for a conversational approach with plenty of questions from attendees.
Many thanks to Launch Foods for providing us with a lovely breakfast for this event. All profits made by Launch Foods go towards continuing their efforts to provide free meals to children in Glasgow who need it most – they have provided over 300,000 free meals so far! For more information, please view their website by clicking here.
Rutherford Cross is planning to host more accounting update events later in the year. If you are interested in hearing about these, please get in touch – [email protected], or contact Jonathan directly – [email protected].
