Corporation Tax Compliance
Corporation tax compliance is a key responsibility for every company by helping to ensure that businesses contribute fairly while also encouraging proper record keeping and accountability. The rules are complex and can feel onerous for many business owners however, especially when accounting periods don’t align neatly, or when HMRC raises questions about a return. Professional guidance is essential to ensure your corporation tax compliance is managed smoothly and efficiently.
Accounting Provisions and Tax
In business, there are often situations where future costs are likely, but the exact amount or timing is uncertain. These are recognised in the accounts as provisions. A provision is an estimate set aside in the accounts to cover an obligation that has already arisen but has not yet been settled. For example, this could be a warranty on goods sold, an expected legal claim, or a debt that is unlikely to be recovered. Are provisions deductible for tax purposes? Tax authorities
Corporation Tax Deductions for Share Schemes
Companies often reward employees with shares in the business, either by granting them directly or by offering options that allow...
Employment-Related Securities (ERS) Reporting
If your business has issued shares, options, or other types of securities to employees or directors, you are likely to have an obligation...
Change of Ownership and Corporate Taxable Losses
When a company changes hands, one of the key tax considerations is whether its historic losses can still be used. Tax rules are designed...
Corporate Interest Restriction (CIR)
The Corporate Interest Restriction (CIR) rules, introduced in April 2017, place limits on the amount of interest and financing costs that...
Freezer and Growth Shares
Freezer and Growth Shares — Succession Planning for a Family Investment Company (FIC) Succession planning is a key concern for many...
VAT Considerations When Converting Non-Residential Buildings into Dwellings
As demand for housing continues to rise, conversions of non-residential buildings into dwellings are likely to increase. The VAT...
Associated Companies for Corporation Tax Purposes
The main rate of corporation tax in the UK is at 25%. A lower rate of 19% applies if profits are below £50,000. If profits are between...
Non-Resident Landlords: Understanding the HMRC Scheme
To ensure rental income from UK property is taxed appropriately HMRC operates the Non-Resident Landlord Scheme (NRLS). This scheme is...
