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There are tax consequences for both companies and directors relating to the issue of director’s loans. We will examine below some of the implications if a company facilitates loans to a director. A director’s loan comprises not just an actual lo... Read More

Corporation Tax relief may be available when a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offset against other gains or profits of the business in the same or previous accounting period.... Read More

The Office of Tax Simplification (OTS) provides independent advice to the government on simplifying the UK tax system, with the object of reducing compliance burdens on both businesses and individual taxpayers. The OTS operates on a permanent, statut... Read More

HMRC defines a director's loan as money taken from your company (by you or other close family members) that isn’t:a salary, dividend or expense repayment and money you’ve previously paid into or loaned the companyAn overdrawn director's loan account... Read More

The rules for the Corporation Tax treatment of carried forward losses changed from 1 April 2017. The changes increased flexibility to set off carried forward losses against total profits of the same company or another company in a group whilst at the... Read More

The security deposit legislation is to be extended to both Corporation Tax and Construction Industry Scheme (CIS) deductions from April 2019. The security deposit regime allows HMRC to require security from high-risk businesses where there... Read More

The government is to move forward with plans to charge Corporation Tax to non-UK resident companies with property income. Currently, these companies are chargeable to Income Tax and not UK Corporation Tax.This change is part of the government's aim t... Read More

Capital Gains Tax (CGT) is not payable by limited companies or unincorporated associations when they sell an asset and make a gain. Instead, the gain (proceeds less any allowable costs and reliefs) is subject to Corporation Tax at the applicable rate... Read More

Under the current rules non-resident companies with a trading business in the UK are liable to pay UK Corporation Tax on their profits made through a permanent establishment/branch or agency.There are some differences in the taxation of non-resident... Read More

Advance assurance for small companies that claim Research and Development (R&D) tax relief was introduced in November 2015. This measure makes it easier for small businesses investing in research and development to claim tax relief.Advance assura... Read More

There are special rules in place which limit the ability to change a company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is usually set by reference to the date the company was incorporated.Under ce... Read More

There are special rules in place when a limited company gives to charity. This can include, corporation tax relief for qualifying donations made to registered charities or community amateur sports clubs (CASC) as well as capital allowances for giving... Read More