Following an announcement at Autumn Statement 2016, and subsequent consultations, the government moved forward with plans to charge Corporation Tax to non-UK resident companies with property income. Currently, these companies are chargeable to Income... Read More

Where employees are provided with fuel for their own private use by their employers, the car fuel benefit charge is applied. The fuel benefit charge is determined by reference to the CO2 rating of the car, applied to a fixed amount. HMRC has confirme... Read More

It has been confirmed by the Chancellor that the Research and Development Expenditure Credit (RDEC) is to be increased from 12% to 13% on 1 April 2020. The RDEC allows companies to claim an enhanced Corporation Tax deduction or payable credit on qual... Read More

The Corporation Tax main rate will remain at 19% from 1 April 2020. The main rate had been expected to reduce to 17%. However, this reduction was always in doubt after the Conservative election manifesto promised to reverse this announcement. I... Read More

There are a significant number of reliefs that can reduce the amount of Corporation Tax your company needs to pay on profits made. Your company can also claim Capital Allowances for assets such as equipment, machinery and cars bought to use in your b... Read More

If you run a construction business and secure the services of sub-contractors, or if you are a building sub-contractor, you will need to comply with a special set of tax rules collectively known as the Construction Industry Scheme (CIS). ... Read More

An overdrawn Director’s Loan Account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay the personal expenses of direct... Read More

The normal deadline for filing private limited company accounts is 9 months after the company’s financial year end, known as the accounting reference date. For example, many companies have a year-end date of 31 March and are therefore... Read More

The new Structures and Buildings Allowance (SBA), allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of building and renovating commercial structures. T... Read More

There are two schemes for claiming relief for R&D expenditure. The schemes are known as the Small or Medium-sized Enterprise (SME) Scheme for smaller companies, and the Research and Development Expenditure Credit (RDEC) scheme for large companies... Read More

A nominee director is someone who acts as a non-executive director on the board of a company. This person is normally appointed to act on behalf of another person or company and is effectively their representative on the board. For example, a shareho... Read More

Under current rules up to 100% of chargeable gains can be set against carried-forward capital losses. For accounting periods ending on or after 1 April 2020, large companies and unincorporated associations who accrue chargeable capital gains will onl... Read More