Corporation Tax Articles

Full expensing of capital purchases

Readers, note that the full expensing 100% first-year capital allowance for qualifying plant and machinery assets took effect last April. Companies subject to Corporation Tax can qualify for full expensing by incurring expenditure on the provision of “main rate” plant or machinery. Plant and machinery that may qualify for full expensing includes (but is not limited to): machines such as...

New tax credits for film, TV and game makers

From January 1, 2024, the creative sectors have seen several reforms to tax credits. Under the revamped system, productions such as children's TV, animated TV, or films incurring £1 million of qualifying expenditure will receive an additional £42,500 in relief. High-end TV production, film production, or video games will receive £5,000 in relief. The extension of the uplift in relief for...

More time to file company accounts

The normal filing deadline for filing the accounts of a private limited company is nine 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. Therefore required to submit their accounts by the following 31 December. For public companies, the time limit is 6 months from the year end. There are automatic...

Are you self-employed?

Notify HMRC promptly when self-employed, by October 5 after tax year-end, for timely self-assessment and penalty avoidance. Follow HMRC guidelines...

Cost of living final payment 2023-24

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested...

Beware fake tax rebate offers

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails,...

Importing or exporting for the first time?

When engaging in international trade, navigating regulations can be overwhelming. Utilize HMRC’s digital assistant on GOV.UK for guidance on EORI...

Top-line, bottom-line?

Monitoring small business finances involves more than tracking sales; it requires assessing costs, creating forecasts, and analyzing balance sheets. Regular...

Autumn Finance Bill 2023 update

The Autumn Finance Bill 2023, officially named Finance Bill 2023-24, introduces tax measures like permanent full expensing and extended reliefs....

What is Class 1A NIC?

Employers pay Class 1A NICs on benefits, subject to Income Tax. Special rules and conditions, including no existing Class 1...

Tax on inherited private pensions

Inheriting private pensions involves grasping tax implications, nominations, and rules, considering the owner’s age and limitations for defined benefit pots....

Eligibility for the VAT Flat Rate Scheme

The VAT Flat Rate scheme is for businesses with an expected turnover below £150,000. It involves a fixed percentage of...
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