Corporation Tax Articles

Post cessation transactions

If a trade has ceased, its post-cessation expenses might qualify for tax relief. These expenses must have been deductible when calculating trading profits. This process encourages financial responsibility and strategic planning. This means the expense must pass the wholly and exclusively test. It must be revenue, not capital, expenditure. If necessary, you can apportion the expenditure....

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 April 2024. The merged scheme R&D expenditure credit (RDEC) and enhanced R&D intensive support (ERIS) became effective for accounting periods beginning on or after 1 April 2024. The expenditure rules for both are the same, but the...

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. This can also apply to certain other individuals associated with a company. A joint and several liability notice tells the recipient that they are personally responsible, along with the company and anyone else issued with a notice, to pay...

Connected persons for tax purposes

The definition of a connected person for tax purposes varies. A statutory definition of “connected persons” for Capital Gains Tax...

Tax and employee share schemes

There are a number of government approved share schemes which offer various incentives to employees. The rules of the schemes...

Tax relief for training costs

If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be...

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...

Reclaiming pre-trading VAT

There are special rules that determine the recoverability of VAT incurred before a business registered for VAT. This type of...

Are we unpaid tax collectors?

Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position;...

Child Benefit for 16 – 19 year olds

More than a million parents will receive reminders to extend Child Benefit for their teenagers if they are continuing their...

by Andrew Stanton

Mitigating Labour VAT on private school fees

Explore the potential Labour VAT threat on private school fees and prepayment strategy to swerve the VAT risk.

Multiple Dwellings Relief for SDLT

It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change...
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