In TAXguide 01/19 Pete Miller explains the new relaxation to the rules for carried forward corporate losses. This guidance covers trading losses, non-trading loan relationship deficits, non-trading losses on intangible fixed assets, expenses of management and UK property business losses.
This guidance provides a summary of key tax rates, allowances and reliefs for 2017/18, 2018/19 and 2019/20.
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
Tax is a fast-moving and ever-changing world. Our expert staff and volunteers, and consultation work with government, means we can bring you the latest developments and expert opinions. Join today to access our resources and keep on top tax form.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.
This TAXguide, written by Andrew Tall, explains the different ways that a revenue deduction can be claimed for ‘typical’ intangible fixed assets (ITFA) used by a company in a taxable business, as introduced in Finance Act 2002 under Chs 3 and 15, Pt 8, Corporation Tax Act 2009 (CTA 2009), and subsequently amended.
Rishi Sunak delivered his first Budget of 2020 on 11 March. The Tax Faculty provides its summary of all the key tax announcements in this TAXguide.
In TAXguide 18/18, Rebecca Benneyworth explores the recent tax changes affecting small businesses, and looks at the impact of the more recent changes to dividend taxation and the rate of corporation tax. The full guide can be downloaded by Tax Faculty members and Faculties Online subscribers.
In TAXguide 08/18 Anton Hume and Andrew Stewart, BDO LLP, provide a detailed analysis of the corporate interest restriction calculation using practical examples. Read a summary here, Tax Faculty members can download the full guide.
Features and articles
Making Tax Digital for corporation tax (MTD CT) feels like a very long way away given that it will not become mandatory before 2026 and MTD for income tax self-assessment (MTD ITSA) is still at an early stage of its development. However, the current early-stage consultation on MTD for CT may provide the best opportunity to influence the design and ICAEW’s Tax Faculty would welcome your views.
4 January 2021: As HMRC begins gathering feedback from stakeholders on the potential expansion of the Making Tax Digital regime to corporation tax, ICAEW’s Tax Faculty outline the key things that businesses and agents need to consider.
15 December 2020: HMRC has announced a relaxation for non-UK resident companies reporting property income to 31 March rather than 5 April.
9 December 2020: HMRC is holding a series of online meetings in January and February to gather views from a variety of groups on the introduction of Making Tax Digital (MTD) for corporation tax from 2026.
8 December 2020: Where the majority of firms in a corporate interest restriction group have obtained a deferral of late filing penalties for company tax returns, the group may have a reasonable excuse for filing an interest restriction return late, confirms HMRC.
2 December 2020: HMRC has discretion to waive penalties for late filing of corporation tax returns where there is a reasonable excuse. Correspondence with HMRC suggests that this includes delays caused by the late filing of company accounts and other reasons associated with the coronavirus pandemic.
24 November 2020: Reports commissioned by HMRC suggest that the research and development expenditure credit (RDEC) scheme is the most effective incentive for encouraging additional investment in R&D.
13 November: The Treasury has published a series of tax announcements on issues ranging from the plastic packaging tax to the implications of withdrawing LIBOR. ICAEW’s Tax Faculty provides a summary.
Webinars and recordings
In this webinar ICAEW Tax Faculty explain HMRC's plans to roll out Making Tax Digital to corporation tax.
This informative and practical webinar which will explore the recent changes to the use of carried-forward losses in companies
The Corporate Interest Restriction has effect from 1 April 2017, affecting all accounting periods ending after that date.
An introduction to the corporation tax payment dates for large companies.
First broadcast on 1 December 2018. In this webinar Sarah Ghaffari will be joined by Pete Miller to discuss the tax implications of corporate reconstructions, from the tax treatment of distributions to stamp duty charges.
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.
A chapter on corporate tax reliefs for intellectual property, highlighting tax planning opportunities and potential pitfalls.
Practical guidance on creative sector tax reliefs for film, TV, video games, theatre, orchestra, museums and galleries.
Annual guide examining the rules, regulations and tax issues affecting companies in the UK.
Expert commentary on the current UK corporation tax legislation on capital allowances for plant and machinery.
HMRC Manual providing an overview of UK law and practice for the oil fiscal regime.
Comprehensive practical guide on the full range of UK taxes, containing worked examples throughout.
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact firstname.lastname@example.org.
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.
Outlines the provisions which exempt UK dividends from taxation under the Corporation Tax Act 2009.
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.
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.
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.
Summarises how corporation tax should be calculated in a given tax year, with notes on the current rates and a simple example.
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.
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.
A response dated 24 August 2020 to a consultation published by HMRC on 19 March 2020.
ICAEW's Tax Faculty responds to HMRC's call for evidence on raising standards in the tax advice market, arguing that the best approach is for HMRC to work with the professional bodies behind PCRT to improve standards, alongside taking steps to stop unscrupulous promoters of tax avoidance schemes and highlighting the importance of using a professionally qualified adviser.
A response dated 6 May 2019 to a consultation published by HMRC on 11 February 2019.
MTD - Interest harmonisation and sanctions for late payment
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.
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.
HMRC internal manuals providing guidance on corporation tax relating to a wide range of business sectors and reliefs.
Official guidance on corporation tax for limited companies, including preparing accounts, working out corporation tax, reliefs available, filing returns, payments and refunds.
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.
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.
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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