Companies and trading losses
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
Category: Corporation Tax
Corporation Tax computations
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
32.5% Corporation Tax on overdrawn directors’ loans
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
HMRC security deposit regime to be extended
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
Corporation Tax relief for carried forward losses
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
Non-UK resident property companies to be charged Corporation Tax
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
Companies and capital gains
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
Liability of non-resident companies
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
Advance assurance for R&D tax claims
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
Tax when your company gives to a charity
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