Corporation Tax marginal rate
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 with profits of up
Tax relief for R&D intensive SMEs
In the Autumn Statement it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will be merged from April 2024.
It was also confirmed that there will be an enhanced regime
Company tax return obligations
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 the end of the
What is a business repair?
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 is because:
the
Accounting periods for Corporation Tax
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 same but can also
Utilising Capital Gains Tax losses
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 an allowable