Techology Tax News

Read technology tax related news and comment from MMP.


2016

  • MMP Tax issue response to the Autumn statement 2016 More here
  • TIGA short lists MMP Tax for Games Industry award for the second year running More here
  • MMP issue response to the EU referendum 2016 -Our message for our tech business clients More here
  • MMP publishes commentary for 2016 Budget More here
  • MMP & TIGA publish free Guide to R&D Tax Relief for Video Games Developers More here

2015

  • TIGA announces MMP as winner in the 2015 Games Industry Awards More here
  • TIGA announces MMP as finalist for award in the 2015 Games Industry Awards More here
  • MMP Tax and TIGA comment on the decrease in generosity of the VGTR scheme More here
  • MMP Tax Ltd -response to the Summer Budget 2015 More here
  • MMP Tax Ltd -response to the Budget 2015 More here

2014

  • MMP Tax Ltd - Response to the Autumn Statement 2014 More here
  • A new dawn for the UK's patent box scheme More here
  • Video Game Tax Relief receives EU State Aid approval More here
  • MMP Tax Ltd. Response to the Budget 2014 More here

2013

  • Consultation on proposals for a tax regime for shale gas 20/9/13 More here
  • Visual Effects Industry Tax Relief Consultation 2/7/13 More here
  • Tax Breaks for tech Innovators - ACCA Accounting and Business Magazine 1/6/13 More here
  • MMP publish Budget Commentary 2013 2/4/13 More here

2012

  • MMP publish review of Draft Finance Bill 2013 24/12/12 More here
  • HMRC publish response to Above the Line Credit for R&D consultation 18/12/12 More here
  • HMRC publish response to Creative sector tax relief consultation. 14/12/12 More here
MMP Autumn Statement 2014 Review

MMP Tax applauds the government for the increase in rates for the above-the-line RDEC from 10% to 11% for large corporations, and the additional rate of credit increase from 225% to 230% for small and medium enterprises (SMEs).

Although the Chancellor’s investment decision is a positive step in the right direction, there is no room for complacency, and MMP will continue to encourage the government to increase their total level of R&D investment.

Elsewhere, we fully support the introduction of an advance assurance scheme for small businesses making their first R&D tax credits claim. Small, emerging companies are essential to the growth and progression of the technology sector; however, as previously mentioned, the real driving force for UK R&D and UK innovation are large corporations. We urge the government to introduce schemes and net benefit increases on current Large Company schemes, with the view of incentivising multi-national corporations to locate in the emerging UK market

Click here to download the full article

A new dawn for the UK's patent box scheme


By: Peter Denison-Pender
Fresh sart for Patent Box

A fresh start for the UK's patent box scheme

Now that the UK has reached agreement with Germany about the UK patent box, does this signal a fresh start for the British tax initiative that incentivises profitable exploitation of intellectual property, or will it simply confirm that the scheme is only a ruse for the artificial shifting of profits into low-tax regimes?

This article was first published on Lexis PSL Tax and Lexis Library on 28 November 2014.

Click here to download the full article

Video Game Tax Relief receives EU State Aid approval


By: MMP
EU Video Game approval document image

MMP Tax is delighted to note that the UK proposals for Video Game Tax Relief have been given full state aid approval by the European Commission on completion of its investigation into the UK’s proposals.

MMP has been involved in recent years in lobbying for the relief, in partnership with industry groups such as TIGA. Today’s announcement is a tribute to the perseverance of TIGA and its leader Richard Wilson. TIGA has campaigned relentlessly for the last seven years and now sees the fruits of its hard work.

Dr Richard Wilson, Chief Executive of TIGA, stated:“TIGA’s focus is on strengthening the games development and digital publishing sector and so our top priority for the last seven years has been to fight for the introduction of Games Tax Relief.

Many games businesses will benefit from engaging skilled tax firms to fully profit from the Relief. TIGA has worked closely with MMP over recent years and we value our relationship with them. The MMP team are approachable, knowledgeable and highly successful. TIGA looks forward to working closely with MMP in the years ahead as we both work to drive the games development and digital publishing sector forward.”

Oli Christie, Chief Executive of Neon Play Ltd, an award-winning independent games developer for mobile and tablet apps: “We have been investing in great people in this terrific industry so help from the government in supporting us to do this is really important. We have used MMP for our R&D tax work and they have been active in promoting this new regime and supporting us. It’s good news for us and the industry as a whole.”

Click here to download the full press release

MMP Tax Ltd Response to the budget 2014


By: MMP
Budget 2014 document image

MMP Tax welcomes the Chancellor’s decision to increase the payable R&D Tax Credit rate for loss-making SMEs from 11% to 14.5%.

The R&D Tax Relief scheme is a cross-party governmental success story of recent years. Introduced by Labour and enhanced by the Coalition, last year the number of claims for R&D Tax Relief rose by 16.5% on the previous year and accounted for £1.2 billion of support in reducing the cost of investment in R&D. £420 million of this was claimed by smaller businesses.

The fruits of this research can be seen in the promising growth figures emerging across the SME economy. The latest figures from the Manufacturing Advisory Service show that more than threequarters of SMEs (76%) expect to increase their sales in the first six months of 2014, while more than half of SMEs (53%) expect to take on staff in next six months (a figure which is 14% higher than the last MAS survey).

Click here to download the full article

Consultation on proposals for a tax regime for shale gas


By: MMP
Shale Gas consultation document

MMP have submitted a response to the consultation on proposals for a tax regime for shale gas announced by the Government in July 2013

MMP Tax strongly wholeheartedly support the introduction of a fiscal regime for shale gas.

The UK is a world-leader in the oil and gas industry. The government wants to encourage participation from new entrants and the oil majors in onshore shale gas exploration and production. The oil and gas sectors are driven by knowledge-based capital which will create higher skilled and higher value jobs. It is also export-orientated andinnovative, bringing external skills and overseas investment into the UK economy.

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Visual Effects Industry Tax Relief Consultation


By: MMP
Visual effects industry tax relief consultation

MMP have submitted a response to the visual effects tax relief consultation announced by the Govermnet in May 2013

MMP Tax strongly supports the introduction of the proposed Visual Effects Tax Relief and see the main issue is to ensure that the relief directly benefits firms in the visual effects industry.

Click here to download the full article

Tax Breaks for Tech Innovators - ACCA Accounting & Business


By: MMP
Tax Breaks for tech innovators

Peter Denison-Pender FCCA explains how a quiet tax revolution is under way for technology innovators that is going to change corporate behaviour in the UK. First published in ACCA Accounting and Business Magazine June 2013

A foundation of new technology tax incentives is now in place that will transform the tax culture for technology innovators in the UK

The highest-profile new tax relief is the ‘patent box’, which started in April and allows a reduced 10% rate of corporation tax on profits generated by products incorporating patents. The patent box is designed to promote the commercialisation of UK innovation. It is complementary to the research and development (R&D) tax incentives which encourage companies to undertake their R&D in the UK.

Click here to download the full article
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