Update on Corporation Tax Return CT600

The Government updates are coming through as thick and fast as Boris’s speech notes, so here’s some more guidance to help you with your Corporation Tax Return CT600. Report CJRS Furlough grants and overpayments on Corporation Tax Return CT600 The latest version of the CT600 Corporation Tax Return updated on … Continued

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Government Support Update – November 2021

I hope you are well and that your business is recovering from the effects of the pandemic. It still seems that the have a way to go to bring COVID-19 fully under control and that we may be moving towards more restrictions in the near future.With this in mind, I … Continued

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More details on New Company Loss Carry Back Rules

HMRC have updated their guidance on claiming relief for company trading losses to take account of the extended carry back announced in the Spring Budget and now legislated in the Finance Act 2021. The guidance sets out the details required by HMRC where a company is making a claim for … Continued

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WARNING! SEISS Phishing Scam doing the rounds!

We’ve been made aware by some clients that they have received an e-mail which looks as though it’s from HMRC with ‘IMPORTANT APPLICATION’ – You’re eligible for the fourth and fifth grants’ in the Subject field – A screen grab of this e-mail is featured here. The e-mail has a … Continued

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How ISAs work

An ISA is a tax exempt savings account available to UK residents. Whilst the amount invested in an ISA does not benefit from tax relief the income and gains are free from most taxes including Income

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Folkes Worton Insight

Cashback schemes and tax

Statement of Practice 4/97 sets out HMRC’s views on the correct treatment for tax purposes of commission, cashbacks and discounts. Cashbacks are taken to mean lump sums received by a customer as

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Folkes Worton Insight

What is overlap relief?

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date - the date to which accounts are prepared - falls between 31 March and 5 April.

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Folkes Worton Insight

Tax and lease premiums

Where a freeholder (or landlord) of a property grants a new lease to a new tenant there are sometimes upfront payments due, usually known as a lease premium. The payments of these premiums are

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Folkes Worton Insight

Seed Enterprise Investment Scheme

The SEIS provides for extensive Income Tax and Capital Gains Tax (CGT) breaks for investors and this greatly encourages much needed seed capital in new businesses. The SEIS is most valuable for

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Folkes Worton Insight

Child benefit payments

The weekly rates of child benefit for the only or eldest child in a family is currently £20.70 and the weekly rate for all other children is £13.70. These rates have remained unchanged for

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