HMRC

Cyclacel Pharmaceuticals Announces Receipt of $2.9 Million R&D Tax Credit

Retrieved on: 
Wednesday, March 6, 2024

BERKELEY HEIGHTS, N.J., March 06, 2024 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical company developing innovative medicines based on cancer cell biology, announced that it received £2.3 million (approximately $2.9 million) as a research & development (R&D) tax credit from HMRC, the tax agency of the United Kingdom government.

Key Points: 
  • BERKELEY HEIGHTS, N.J., March 06, 2024 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP; "Cyclacel" or the "Company"), a biopharmaceutical company developing innovative medicines based on cancer cell biology, announced that it received £2.3 million (approximately $2.9 million) as a research & development (R&D) tax credit from HMRC, the tax agency of the United Kingdom government.
  • The tax credit is based on R&D costs incurred in the year ended December 31, 2023.
  • The Company expects to receive an additional approximately $0.8 million following confirmation of a change in the rate of tax credit regarding 2023 expenditures.
  • “The R&D tax credit has been an important source of non-dilutive capital supporting Cyclacel’s programs.

Compass Pathways Announces Fourth Quarter 2023 Financial Results and Business Highlights 

Retrieved on: 
Thursday, February 29, 2024

Research and development (R&D) expenses were $87.5 million for the year ended December 31, 2023, compared with $65.1 million during the same period in 2022.

Key Points: 
  • Research and development (R&D) expenses were $87.5 million for the year ended December 31, 2023, compared with $65.1 million during the same period in 2022.
  • The Compass Pathways management team will host a conference call at 8.00am ET (1:00pm UK) on February 29, 2024.
  • A live webcast of the call will be available on Compass Pathway’s website at: Fourth Quarter 2023 Financial Results .
  • The call will also be webcast on the Compass Pathways website and archived for 30 days.

Report: Americans Experience One of the Lowest Rates of Fraud in the World Despite Climbing Nuisance Calls

Retrieved on: 
Thursday, February 8, 2024

The US’s spam rate for the quarter was a relatively high 29% but interestingly, only 1% of those unwanted calls are fraud, giving it one of the lowest fraud rates in the world.

Key Points: 
  • The US’s spam rate for the quarter was a relatively high 29% but interestingly, only 1% of those unwanted calls are fraud, giving it one of the lowest fraud rates in the world.
  • Most fraud calls in the US are blocked by the carrier at the network level, so they never reach consumers.
  • That means that nearly half of the unidentified calls received in France in Q4 were unwanted: either nuisance or fraud.
  • Hiya is constantly improving how it detects and flags nuisance and fraud calls, so fluctuations quarter to quarter do not necessarily indicate an increase or decrease in nuisance and fraud rates.

Selling on Vinted, Etsy or eBay? Here's what you need to know about paying tax

Retrieved on: 
Wednesday, January 17, 2024

But it does mean that HMRC will have more information on cases when people selling online should pay tax and don’t.

Key Points: 
  • But it does mean that HMRC will have more information on cases when people selling online should pay tax and don’t.
  • And because this information will also be passed to the person selling, it will be useful information if you need to fill out a self-assessment tax return.
  • This article is part of Quarter Life, a series about issues affecting those of us in our twenties and thirties.
  • The articles in this series explore the questions and bring answers as we navigate this turbulent period of life.
  • These apply no matter your age – under 18s can be required to pay tax too.

1: Am I making or buying the things that I am selling specifically to make a profit?

  • This is not carrying out a trade.
  • You may need to pay income tax.

2: How much income did I generate in total during the year?

  • This applies if you’re carrying out a trade – selling items to make a profit.
  • There is a trade allowance of £1,000, meaning that you can earn up to £1,000 without any tax implications.

3: Did I sell any item for more than £6,000?

  • Even if you’re not carrying out a trade and so don’t have to pay income tax, you might still need to consider capital gains tax.
  • In the UK, in addition to tax on our income, we are also required to pay tax when we sell a significant item for more than we paid for it.

Paying tax

  • If you made money through trade or by selling something of high value in the financial year which ran from April 2022 to April 2023, you will need to fill out your tax return and pay any outstanding tax by January 31 2024.
  • If you think you might have to pay tax, or you are worried or unsure, the HMRC guidelines may help you.
  • Paying tax can feel like losing money, but that money goes towards supporting our society.


Richard Tyler does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Post Office Horizon scandal: four reasons why the government's model for outsourcing is broken

Retrieved on: 
Tuesday, January 16, 2024

For over a decade, the Post Office and its supplier, Fujitsu, insisted that the Horizon system used in its branches was completely “robust”.

Key Points: 
  • For over a decade, the Post Office and its supplier, Fujitsu, insisted that the Horizon system used in its branches was completely “robust”.
  • Instead, it blamed the shortfalls on sub-postmasters, made them pay the losses, and prosecuted over 700 of them.
  • The multimillion-pound contract between the Post Office and Fujitsu is at the heart of the scandal.

1. The systems are too complex to understand

  • It had to process all kinds of transactions, from selling travellers cheques to managing rent payments, across tens of thousands of disparate branches, using a complicated web of communications systems.
  • The problem is, by outsourcing such a complex service, the Post Office ended up without the expertise to understand how it worked and what Fujitsu was (or wasn’t) doing.

2. Contracts generate perverse incentives

  • But then how do they get a supplier to do everything they need and not just the things in the contract?
  • This kind of “service level agreement” is still standard in many government contracts.

3. The buyer is locked in

  • There’s an idea in economics that if a supplier needs to make these “specialised investments”, it’s very difficult to get rid of that supplier.
  • They have a huge advantage over their competitors, because anyone else would need to make these investments all over again.
  • Read more:
    Post Office scandal: why thousands of victims are yet to see justice

    This is what happened with the Horizon contract.

4. Suppliers are prioritised over workers and the public

  • Horizon was responsible for processing all branch transactions and keeping track of all money coming in and going out.
  • Government bodies are dependent on protecting their relationships with these suppliers and are invested in their financial stability.
  • But as long as UK government bodies outsource complex, essential services, it’s unlikely that the Horizon fiasco will be the last public scandal with a government contract at its heart.


Alice Moore is a member of the University and College Union.

CoinTracking launches crypto tax tool for UK investors

Retrieved on: 
Tuesday, January 9, 2024

MUNICH , Jan. 9, 2024 /PRNewswire/ -- Crypto taxation in the UK is quickly changing, but CoinTracking has launched a crypto tax tool that simplifies UK crypto taxes.

Key Points: 
  • MUNICH , Jan. 9, 2024 /PRNewswire/ -- Crypto taxation in the UK is quickly changing, but CoinTracking has launched a crypto tax tool that simplifies UK crypto taxes.
  • The leading crypto tax software since 2013, CoinTracking , has addressed these challenges and becomes the go-to solution for investors.
  • With a crypto tax software like CoinTracking, UK-based investors can track their crypto portfolios by importing trades from hundreds of exchanges, crypto wallets and blockchain networks.
  • CoinTracking is available in 25+ countries, including the UK, where investors can choose from several services, from premium support to account reviews or a full UK crypto tax return service.

Crypto Taxes Made Easy: CoinTracking's Full-Service Launches in the UK

Retrieved on: 
Tuesday, December 19, 2023

UK crypto investors need to stay on top of constantly changing requirements, comply with the new rules, and accurately report their crypto taxes each tax season.

Key Points: 
  • UK crypto investors need to stay on top of constantly changing requirements, comply with the new rules, and accurately report their crypto taxes each tax season.
  • CoinTracking Full-Service is now live in the UK to support investors in getting their crypto taxes done in an all-in-one solution.
  • The unique approach to crypto taxes in the UK, including an HMRC accounting method, increases the difficulty of reporting them.
  • That is why receiving personalized help is the easiest solution for a smooth crypto tax season in the UK, saving hundreds of hours of going over complex crypto records.

JTI RESEARCH: £9.3 BILLION LOST TO ILLEGAL TOBACCO, BUT LOCAL COUNCILS REFUSE TO ACT

Retrieved on: 
Tuesday, November 21, 2023

Over this five-year period, Rochdale, Havering, and Kingston upon Thames were amongst the councils refusing to act.

Key Points: 
  • Over this five-year period, Rochdale, Havering, and Kingston upon Thames were amongst the councils refusing to act.
  • Some councils, such as Hull, carried out over 249 investigations in the same time period, resulting in 53 criminal prosecutions.
  • HMRC estimate that since 2018, £9.3 billion in tax revenue1 has been lost due to illegal tobacco to cigarettes and hand-rolling tobacco.
  • Freedom of Information requests sent to 96 councils across England and Wales, show significant variation between the approaches taken by local councils.

J5 countries host "Cyber Challenge" focused on data mining and financial reporting

Retrieved on: 
Thursday, November 2, 2023

This year's iteration of the Challenge focused on data mining and financial reporting relating to crypto-assets and technology enabled financial threats.

Key Points: 
  • This year's iteration of the Challenge focused on data mining and financial reporting relating to crypto-assets and technology enabled financial threats.
  • This is the first Challenge where Financial Intelligence Units (FIUs) from each J5 country participated.
  • Collectively, the J5 member countries, FIUs, and blockchain analysis companies scoured their respective data holdings to identify the most promising cryptocurrency leads related to tax evasion and money laundering.
  • The J5 works together to gather information, share intelligence and conduct coordinated operations against transnational financial crimes.

VERSION 1 ANNOUNCES AROUND 500 NEW JOBS IN THE WEST MIDLANDS REGION AND PLANS FOR A NEW TECHNOLOGY HUB IN BIRMINGHAM CITY CENTRE

Retrieved on: 
Wednesday, October 18, 2023

BIRMINGHAM, England, Oct. 18, 2023 /PRNewswire/ -- Version 1, a leader in digital transformation, today announced its plans for a new technology hub in Birmingham city centre, creating 500 new jobs and placing it closer to a growing West Midlands client base.

Key Points: 
  • BIRMINGHAM, England, Oct. 18, 2023 /PRNewswire/ -- Version 1, a leader in digital transformation, today announced its plans for a new technology hub in Birmingham city centre, creating 500 new jobs and placing it closer to a growing West Midlands client base.
  • They will be remotely based in the wider region but centred around the new hub in Birmingham city centre which is due to open officially next year.
  • Tom O'Connor, Chief Executive Officer at Version 1, said: "We are very happy with our decision to increase our presence in Birmingham with the creation of another 500 jobs.
  • "We have established Version 1 as the leading digital transformation partner for some of this region's major public and private sector organisations.