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.
Guidance from ICAEW's Tax Faculty for practitioners on the latest developments in policy, practice and legislation related to business taxes and reliefs.
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Features and articles
Sarah Goodman discusses the changes to the R&D tax relief for SMEs announced in the Budget 2018.
Disincorporation Relief allows a company to transfer certain types of assets to its shareholders (who continue to operate the business in an unincorporated form) without the company incurring a Corporation Tax charge on the disposal of the assets.
If your profits are between £300,000 and £1.5 million you can reduce your tax bill by claiming Marginal Relief.
Find out how and when you can make a claim or election, and what information you need to include.
Use the Marginal Relief calculator to calculate how much Marginal Relief you can claim on your Corporation Tax. You can claim Marginal Relief if your company’s profits are between £300,000 and £1.5 million.
The Patent Box enables companies to apply a lower rate of Corporation Tax to profits earned after 1 April 2013 from its patented inventions. The relief will be phased in from 1 April 2013 and the lower rate of Corporation Tax to be applied will be 10%.
You can claim capital allowances when you buy assets that you keep to use in your business, like equipment, machinery, or business vehicles like cars, vans or lorries. These are known as plant and machinery. You can deduct some or all of the value of the item from your profits before you pay tax.
Your limited company pays less Corporation Tax when it gives money, equipment or trading stock, land, property or shares in another company, employees (on secondment), or sponsorship payments to charity. You can claim tax relief by deducting the value of your donations from your total business profits before you pay tax.
Webinars and recordings
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.
Have you thought at all about the possible tax consequences of Brexit? Or how about the recent OECD and EU proposals on mandatory disclosure? We have been talking about these and lots more besides.
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.
First broadcast 11 July 2017. Join Seamus Murphy, senior tax manager KPMG and Sue Moore for a canter through some key areas pertinent to property and tax including making tax digital, trading in UK land, the finance restriction for buy to let landlords, non doms with property, tax free property income, residence nil rate band and the consultation on bringing non UK companies with UK property into the corporation tax net.
The world of international tax is moving fast, with many changes announced or on the horizon. In this webinar we will examine the latest outcomes from the OECD BEPS Action Plan and in particular the papers published on 5 October.
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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 one-volume guide to direct taxation of a small business.
A response dated 6 May 2019 to a consultation published by HMRC on 11 February 2019.
MTD - Interest harmonisation and sanctions for late payment
Taxing gains made by non-residents on UK immovable property
MTD – Draft value added tax (amendment) regulations & notice 2018
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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