Tax - Corporation tax

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New companies - how soon can a director be paid?

You’ve formed a company and are in the process of getting it up and running. As it hasn’t generated any income yet can it pay you a salary, and if it does will it be entitled to tax relief for it?
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Company loans - a cheap form of profit extraction

Despite falling inflation, the Bank of England says it won’t rush to reduce interest rates. So, if you need a loan and your company has available cash is it cheaper and more tax efficient to borrow from it instead of your bank?
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How to maximise capital allowances

Tax relief in the form of capital allowances (CAs) for expenditure on equipment often goes begging or is delayed because it’s overlooked or not claimed at the right time. What steps can you take to improve tax efficiency?
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LOANS - 29.11.2023

New HMRC guidance on loans by companies

S.455 refunds. HMRC has published new guidance for companies clarifying the rules regarding repayment of the so-called s.455 tax charge. The charge can apply to companies that are controlled by five or fewer individuals and that lend or provide other monetary credit to their participators (broadly, persons who own or control 5% or more of a company’s share capital). For example, it can apply to directors’ loan accounts that are overdrawn. ...
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CORPORATION TAX - 31.10.2023

Tax implications of company closure

One of your companies has to close down after only ever having made losses. With the difficult decision made you want to have it struck off as soon as possible but could this create a problem with HMRC?
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CORPORATION TAX - 31.10.2023

Inform HMRC of no corporation tax to pay

If you need to file a corporation tax (CT) return showing no tax is due, you may think that nothing further is required. After all, you’ve filed a return which shows that you have nothing to pay. However, HMRC’s systems aren’t very well joined up and you may still receive payment reminder letters from HMRC. To avoid getting these letters, it’s important to inform HMRC that no CT is due, even though you’ve filed your CT return and computation....
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Tax - Corporation tax

Most read Tips & Advice

ACCOUNTS - 05.09.2023

New guidance on basis period reforms

HMRC has published its initial guidance on reporting income under the new basis period rules. If these affect you, how should you prepare for them?
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ACCOUNTS - 03.10.2023

Overlap relief service finally available

Delays. We recently told you about the launch of HMRC’s online service which allows sole traders and partnerships to obtain information about overlap relief they may be entitled to ( yr.23, iss.21, pg.8 , see The next step ). This information is needed for working out your taxable profits for 2023/24. After technical problems caused delays the service is now available on HMRC’s website (see The next step ). ...
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Full expensing - is your cup overflowing with tax relief?

You’ve heard from a colleague that all equipment bought for your business now qualifies for 100% relief as a deductible expense, so there’s no need to keep a separate record of it as expenditure. Is he right and why does it matter?
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