Tax - Corporation tax

Recently added Tips & Advice

TAX PLANNING - INCORPORATION - 21.10.2020

Tips for transferring your business tax efficiently

The business you started a couple of years ago has grown, so you’ve formed a company to take over the trade. What steps can you take to make the transition smooth and tax efficient?
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CAPITAL ALLOWANCES - 21.10.2020

Capital or revenue expenditure - the tribunal decides

The First-tier Tribunal (FTT) recently ruled on a case involving one of HMRC’s favourite battlegrounds; whether an expense was capital or revenue. What was the outcome and why might it be significant for your business?
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SELLING A BUSINESS - 08.10.2020

Asset or share sale for loss-making company?

Your company is in the process of selling one of its subsidiaries which has been loss making for a number of years but has now started making profits. Should your company sell the shares in the subsidiary or just its assets?
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CORPORATION TAX LOSSES - 24.09.2020

Maximising relief for a client with terminal losses

One of your client’s companies has ceased trading after being severely affected by the pandemic. How can they take advantage of changes made in 2017 to the rules for company losses?
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CORPORATION TAX - 03.09.2020

Company wins case on repair expenses

Facts of the case. In Steadfast Manufacturing & Storage Limited v HMRC , S had incurred expenditure restoring part of a lorry yard and claimed a tax deduction for this as a repair. HMRC disagreed and said it was a replacement of the yard which would make it a capital expense and not tax deductible. HMRC’s reasons were: (1) the work was of sufficient scale and importance to be considered capital expenditure; (2) the repairs were so fundamental as to save the annual repairs that were being made at the time for years to come; (3) the extent and permanence of the work created an enduring benefit; and (4) the works improved the yard as it increased the usable area for forklifts by covering large patches of grass. ...
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CORONAVIRUS - CORPORATION TAX - 07.07.2020

Tax return following a delayed start to business

You formed a company in March with the intention of beginning trade immediately. However, this was delayed because of coronavirus. Do you need to notify HMRC and what effect will the delay have on the company’s tax returns?
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Tax - Corporation tax

Most read Tips & Advice

CORPORATION TAX - 03.09.2020

Company wins case on repair expenses

Facts of the case. In Steadfast Manufacturing & Storage Limited v HMRC , S had incurred expenditure restoring part of a lorry yard and claimed a tax deduction for this as a repair. HMRC disagreed and said it was a replacement of the yard which would make it a capital expense and not tax deductible. HMRC’s reasons were: (1) the work was of sufficient scale and importance to be considered capital expenditure; (2) the repairs were so fundamental as to save the annual repairs that were being made at the time for years to come; (3) the extent and permanence of the work created an enduring benefit; and (4) the works improved the yard as it increased the usable area for forklifts by covering large patches of grass. ...
Read more

CORPORATION TAX LOSSES - 24.09.2020

Maximising relief for a client with terminal losses

One of your client’s companies has ceased trading after being severely affected by the pandemic. How can they take advantage of changes made in 2017 to the rules for company losses?
Read more

SELLING A BUSINESS - 08.10.2020

Asset or share sale for loss-making company?

Your company is in the process of selling one of its subsidiaries which has been loss making for a number of years but has now started making profits. Should your company sell the shares in the subsidiary or just its assets?
Read more

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