What is an ISA? What do the new ISA Rules Mean?

Wrappers_TaxAgility Accountants LondonMost of us have heard of an ISA (Individual Savings Account) even if we’ve never opened one, but what exactly is an ISA, and why would you want to invest in one?

Simply put, an ISA is something of a tax wrapper that you can place around a particular account in order to shelter the contents from further income tax or capital gains tax. Because the contents of your ISA won’t be subject to taxation within the ISA itself, the government sets limits on how much you can place into your ISA over a twelve-month period.

As of 1 July 2014, the tax-free ISA limit has increased to £15,000 and there is no restriction on how you invest this; either as cash or shares or a combination of the two - you can decide the amount to be invested in each (up to a limit of £15,000 a year).

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Research and Development Relief | R&D Relief

R&D_TaxAgility Accountants LondonIf you’re the owner of a small to medium-sized enterprise (SME), or indeed a much larger company, you may be able to receive Research and Development Relief to reduce your Corporation Tax (CT) when undertaking qualifying revenue expenditure in an Research and Development (R&D) project that’s related to your company or organisation’s trade, or a trade that you’re looking to expand into.

Many conditions must be met by your R&D project for you to qualify for this relief, all of which are outlined in the ‘criteria’ section below. Please note that your company must already be paying Corporation Tax for you to claim R&D Relief.
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