articles: Technology

A guide to VAT for tech start-ups

Value added tax (VAT) is a sales tax designed to be borne by the end consumer. It can be complex and affects most organisations across the European Union. Although sometimes a cause of compliance headaches for tech companies, being a VAT-registered business can bring its advantages.

Tax relief for the video games sector

The Video Games Tax Relief (VGTR) allows qualifying UK gaming studios to claim a larger deduction, or in some circumstances claim a payable tax credit when calculating their tax profits.

Read more to find out what eligibility criteria apply, and how this relief can support studios to grow.

Hacking – get to know your enemy

As the world moves closer to a unified digital solution for industries such as banking, social media and news, more and more personal and private data is being generated. In fact, 90% of the world’s data has been created within the last two years. Every new day produces 2.5 quintillion bytes of data – equivalent to 10 million blue-rays.  The vast majority of this data is meaningless, but hidden within it lie highly confidential files containing trade secrets and financial records.
 

Paying royalties to non-residents

Currently, UK companies paying royalties to persons overseas have to deduct tax at 20% if the royalties relate to a patent or are ‘pure income profit’ (rather than part of the profits of a trade). Under provisions included in the Finance Bill currently before Parliament, from 28 June 2016 the obligation to deduct tax is extended to any royalty, or other payment for the use of (or for the right to use) intellectual property.

Will your clothes soon be smarter than you?

Textiles have long been important for protecting human life, but new technology is pushing the boundaries of what our clothes can do for us. From enhancing our internet and electronics connectivity to monitoring our vital signs, groundbreaking ‘smart’ textiles have the potential to change the way we live and improve our quality of life. And with R&D tax credits, the cost of innovation may not be as much as you think.

The Budget 2016 – video summary

A sugar-coated Budget for the next generation

In the uncertain global economic environment, the Chancellor’s deficit-reduction goals have become more challenging. But he still managed to strike an up-beat tone when delivering “a Budget that puts the next generation first”.

Cyber security breaches and costs

The World Ecomomic Forum’s global risk report, released in January 2016, kept data theft or fraud as being one of the 10 most likely risks to crystallise. To understand what this might mean for you, pair the WEF report with the 2015 Information Security Breaches Survey conducted by BIS.

An Autumn Statement for “rebuilding Britain”

Five years since delivering his first spending review, George Osborne spent over an hour delivering his 2015 Autumn Statement. He repeatedly stated the Government’s intent to build public services, infrastructure, national defences and strong public finances.