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Corporation tax

Expert commentary and practical guidance from ICAEW on corporation tax within the UK tax regime

In this section

Practical guidance

ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.

Features and articles

The Finance Act 2021 impact on owner-managers

Finance Act 2021 introduces changes to corporation tax rates and loss carry-back rules relevant to both companies and unincorporated business owners. Andrew Constable and Richard Jones consider some of these changes, and their impact on the decisions of owner-managers.

Tax news in brief

Highlights from the broader tax news week ending 2 June, which includes: third reading of Finance Bill confirms corporation tax rate, HMRC reiterates position on VAT treatment of public funds received by FE institutions, HMRC confirms there are now 14 live CCO investigations, new API for corporate interest restriction returns launching in June and more guidance on FPS vs EYU.

Webinars and recordings

Patent Box

Are you prepared for the future of patent box relief? Find out about the changes for claims made from 1 July 2021.

Corporation tax and losses

This webinar from the Tax Faculty will cover various measures included in this year’s Finance Bill relating to SMEs and owner-managed businesses.

Managing tax risks in a complex world

Join BDO’s James Egert, Karen Riley, Steven Levine and Carrie Rutland as they take a high-level overview of the key risks that companies face in making disclosures, submitting accurate returns and applying the law correctly.

MTD for Corporation Tax

On 12 November 2020, HMRC published the long-awaited consultation on Making Tax Digital for corporation tax (CT), confirming it's plans to extend MTD to companies. In this webinar ICAEW Tax Faculty explain HMRC's plans to roll out MTD for CT.

Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.

Bloomsbury Professional Tax Guide 2019/20

Comprehensive practical guide on the full range of UK taxes, containing worked examples throughout.

Buying and selling companies

Practical guidance on the taxation issues involved in buying and selling a corporate business, aimed at professional tax advisers.

Capital allowances (plant and machinery)

Expert commentary on the current UK corporation tax legislation on capital allowances for plant and machinery.

Corporate tax reliefs for intellectual property

A chapter on corporate tax reliefs for intellectual property, highlighting tax planning opportunities and potential pitfalls.

Corporation tax 2020/21

Annual guide examining the rules, regulations and tax issues affecting companies in the UK.

Creative sector tax reliefs

Practical guidance on creative sector tax reliefs for film, TV, video games, theatre, orchestra, museums and galleries.

Extracting funds from the company

Chapter containing tax planning advice on extracting funds, written for anyone who advises or runs a family or owner-managed company.

Making tax digital tracker

The Tracker provides plain English guidance on the operation of MTD, with sections covering VAT, income tax, corporation tax and tax agents in relation to MTD. 

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Taxation: Finance Act 2019

The main aim of this book is to describe the UK taxation system in sufficient depth and with sufficient clarity to meet the needs of those undertaking a first course of study in taxation.

Dividends received

Outlines the provisions which exempt UK dividends from taxation under the Corporation Tax Act 2009.

Chargeable gains

Covers chargeable gains for corporation tax purposes, with additional sections on dividends received, payments to charities, distributions, computation of tax liability, losses, groups, and the way corporation tax relates to income tax.

Loan relationships

An overview of loan relationships and corporation tax, with sections on the definition of these relationships, the scope of the rules, accounting for loan relationships and the basis of taxation.

Trading income

Explains how corporation tax applies to trading income and the ways in which it differs from income taxation. Covers the annual investment allowance, first-year tax credits and capital allowances for plant and machinery.

Computation of tax liability

Summarises how corporation tax should be calculated in a given tax year, with notes on the current rates and a simple example.

Chargeable accounting periods

The chargeable accounting period (CAP) for corporation tax usually coincides with a company's accounting period. This section outlines the alternatives available and how income is allocated within periods for tax purposes.

Scope of corporation tax

Lists the kinds of companies and organisations subject to corporation tax and where they must be resident for UK tax law to apply. This section briefly summarises the arguments and precedents concerning residence for tax purposes.

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Representations

ICAEW REP 66/21 Timely payment

In responding to HMRC's call for evidence on timely payment, ICAEW argues that earlier payment of income and corporation tax should not be considered until the economy has recovered and that earlier payment should not be based on in-year estimates without HMRC first demonstrating that they can be a reliable basis for earlier payment.

ICAEW REP 65/21: Tax Administration Framework Review

In responding to HMRC's consultation on the Tax Administration Framework Review ICAEW argues that the starting point of such tax reform should be significant simplification of the underlying tax rules and that HMRC needs to be given the resources and funding to give it the capacity to take on such a major piece of work.

Further support

Useful links

Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.

Corporate tax and the digital economy: position paper

Paper setting out the government's view on the challenges posed by the digital economy for the corporate tax system, the international tax framework and its proposed approach. The Spring Statement 2018 update reflects feedback from stakeholders since the original consultation closed in January 2018.

Corporation Tax: HMRC manuals

HMRC internal manuals providing guidance on corporation tax relating to a wide range of business sectors and reliefs.

Corporation Tax on GOV.UK

Official guidance on corporation tax for limited companies, including preparing accounts, working out corporation tax, reliefs available, filing returns, payments and refunds.

2017 Worldwide R&D Incentives Reference Guide

Tax guide to research and development incentive regimes around the world, showing the available benefits, eligibility, the application process and IP jurisdictional requirements in 44 countries.

Global Research and Development Incentives Group

Guide to R&D tax credits and incentives by country, including a comparison of patent box regimes across fifteen countries and general R&D incentives across 36 countries.

Tables of time limits

Table of time limits from the Compliance Handbook, HMRC's Internal Manual, covering a range of taxes from corporation tax to VAT.

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