The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR) of 19% was also introduced from the same date for companies
Corporation Tax marginal rate Read More »
HMRC’s internal manuals provide some useful information on the definition of a business repair. This is important because it is required to identify the asset on which work has been carried out.
This
What is a business repair? Read More »
After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. In most cases a company’s tax return must be submitted within 12 months from
Company tax return obligations Read More »
Companies often have two different company accounting periods. This is because there are different rules for Companies House filings and for returns sent to HMRC.
The accounting periods can be the
Accounting periods for Corporation Tax Read More »
Do you know what business expenses you can and can’t deduct from your tax bill? We get lots of questions about this so here’s an overview of the sorts of expenses that are tax deductible for creative businesses. Sometimes how you’ve set up your business will determine what you can claim, so read on to
Which business expenses are deductible for UK creative businesses? Read More »
There are special rules concerning the transfer of assets in groups of companies. In most cases, this means that where assets are moved around group companies, there are no immediate capital gains
No gain – no loss transfers in groups of companies Read More »
Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule, if the asset would have been liable to CGT had a gain taken place, then the loss should be
Utilising Capital Gains Tax losses Read More »
Corporation Tax relief may be available where your company or organisation makes a trading loss. A qualifying trading loss may be used to claim relief from Corporation Tax by offsetting the loss
Carrying company losses back Read More »
A Corporation Tax Group Payment Arrangement (GPA) is a special arrangement that allows groups of companies to make joint payments of Corporation Tax. This type of arrangement can reduce the
Corporation Tax Group Payment Arrangements Read More »
There are two rates of Corporation Tax effective from 1 April 2023. Taxable profits up £50,000 continue to be taxed at the 19% Small Business Profits Rate. Taxable profits in excess of £250,000 will
Associated companies and Corporation Tax Read More »