Recent speculation on forthcoming Budget
October 21, 2024
Relief for company tax losses
Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale or disposal of a capital…
Carry forward a company trading loss
There are a significant number of reliefs available to businesses that suffer losses. Certain losses that your company has not used in any other way…
No change to Corporation Tax rates?
The Corporation Tax Main Rate applies to companies with profits exceeding £250,000 and is currently set at 25%. For companies with profits up to £50,000,…
Corporate claims for charitable donations
When a limited company makes charitable donations specific rules apply. These may include Corporation Tax relief for donations to registered charities or community amateur sports
Tax relief for goodwill purchases
Goodwill is a concept frequently discussed, and yet it is seldom addressed in legislation. Typically, it is defined as the additional value of a business…
The marginal rate of Corporation Tax
The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25%. A Small Profit Rate (SPR)…
Company filing obligations
It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end…
Claim full expensing or 50% FYA
Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full…
Post cessation transactions
Tax relief may be available for post-cessation expenses of a trade. To be an allowable post-cessation expense the trade must have ceased and the expense…
How to claim R&D expenditure credit
In the Autumn Statement last year, it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme would be merged from…
Directors who are liable for unpaid tax
HMRC has the power to make directors personally liable for paying the tax debts of companies they have been involved in under certain limited circumstances.…
Restarting a dormant or non-trading company
HMRC must be informed when a non-trading or dormant company starts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services…
Relief for company tax losses
Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale or disposal of a capital…
Not so Trivial Tax Benefits
There is a trivial benefit-in-kind (BiK) exemption for small, non-cash employee benefits. This exemption applies to BiKs classified as 'trivial,' helping employers simplify the
Carry forward a company trading loss
There are a significant number of reliefs available to businesses that suffer losses. Certain losses that your company has not used in any other way…
Medical and dental care for employees
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there…
No change to Corporation Tax rates?
The Corporation Tax Main Rate applies to companies with profits exceeding £250,000 and is currently set at 25%. For companies with profits up to £50,000,…
Tips at work
Tips received at work do not count towards your earning for the purposes of the National Minimum Wage. However, you are still required to pay…
Tax relief for goodwill purchases
Goodwill is a concept frequently discussed, and yet it is seldom addressed in legislation. Typically, it is defined as the additional value of a business…
Corporate claims for charitable donations
When a limited company makes charitable donations specific rules apply. These may include Corporation Tax relief for donations to registered charities or community amateur sports
The marginal rate of Corporation Tax
The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25%. A Small Profit Rate (SPR)…
Company filing obligations
It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end…
Late night taxi for an employee
There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of care to their employees, which…
Claim full expensing or 50% FYA
Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full…
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