UK tax rates, allowances and reliefs
ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
Expert commentary and practical guidance from ICAEW on corporation tax within the UK tax regime
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.
The Budget contained tax announcements designed to support business growth. We assess how these measures were received and their drawbacks.
Mark McLaughlin, Bloomsbury Accounting and Tax Service, looks at the payment of dividends in owner-managed companies and highlights a recent case on restricted or ‘blocked’ dividends.
The EU Commission has proposed for a common set of corporate tax rules across member states. Views expressed both by those giving evidence to the European Parliament’s subcommittee on taxation matters and CFE Tax Advisors Europe suggest that more work is required if the rules are to interact successfully with the other taxation systems that businesses face.
Interest rates had gone up sharply, and households and businesses were feeling the pain. Inflation was in double figures, partly under the impact of soaring energy prices, and the government was under pressure. In response, the chancellor announced a change that sent shudders through the banking sector.
Highlights from the broader tax news for the week ending 16 November 2022, including: self assessment and corporation tax repayment notifications; and HMRC’s response to the Adjudicator’s annual report.
Regulations laid before the House of Commons on 10 November 2022 mitigate the tax consequences of adopting IFRS 17 by spreading certain amounts that would otherwise be subject to corporation tax immediately on adoption over 10 years.
Following news in October 2022 that the corporation tax rate will increase to 25% from 1 April 2023, the Tax Faculty has updated this article to reflect the confirmed increase in diverted profits tax and additional details have been provided on applying the profit limits and the rules for ring fence profits.
Highlights from the broader tax news for the week ending 12 October 2022, including: updated corporation tax return guidance; and Scottish Budget date.
On 23rd March 2023, we invited author, tax advice specialist and ICAEW member David O’Keeffe to take us through an exploration of the current developments in R&D relief following the recent budget announcement. Check out the webinar and a summary of key information shared during the live broadcast.
Are you prepared for the future of patent box relief? Find out about the changes for claims made from 1 July 2021.
This webinar from the Tax Faculty will cover various measures included in this year’s Finance Bill relating to SMEs and owner-managed businesses.
This webinar from the Tax Faculty explores the call for evidence on earlier payment of income and corporation taxes.
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.
In this webinar ICAEW Tax Faculty explain HMRC's plans to roll out Making Tax Digital to 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.
An introduction to the corporation tax payment dates for large companies.
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 Accounting and Tax Service.
Comprehensive practical guide on the full range of UK taxes, containing worked examples throughout.
Expert commentary on the current UK corporation tax legislation on capital allowances for plant and machinery.
A chapter on corporate tax reliefs for intellectual property, highlighting tax planning opportunities and potential pitfalls.
Annual guide examining the rules, regulations and tax issues affecting companies in the UK.
Practical guidance on creative sector tax reliefs for film, TV, video games, theatre, orchestra, museums and galleries.
Advice on making a business acquisition, written for anyone who advises or runs a family or owner-managed company.
Chapter containing tax planning advice on extracting funds, written for anyone who advises or runs a family or owner-managed company.
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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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.
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A response dated 28 October 2022 to a review published by the Office of Tax Simplification on 31 August 2022.
A response dated 12 October 2022 to a consultation published by HMRC on 20 July 2022.
A response dated 14 September 2022 to a consultation published by HMRC on 20 July 2022.
ICAEW’s Business Law and Tax Faculties respond to BEIS and HMRC proposals to introduce a facility for companies incorporated overseas to transfer their place of registration to the UK.
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.
<p>Annually updated guides summarising the tax system, key tax issues, and legal matters in over 150 jurisdictions around the world. The main titles in this series: <a href="https://www.ey.com/en_gl/tax-guides/worldwide-corporate-tax-guide">Worldwide Corporate Tax Guide</a>, <a href="https://www.ey.com/en_gl/tax-guides/worldwide-personal-tax-and-immigration-guide">Worldwide Personal Tax and Immigration Guide</a>, <a href="https://www.ey.com/en_gl/tax-guides/worldwide-vat-gst-and-sales-tax-guide">Worldwide VAT, GST and Sales Tax Guide</a>.</p>
<p>Annual guide for accountancy professionals and businesses on corporate tax rates, incentives for overseas businesses, double tax treaties, and taxation of foreign source income. Coverage of 148 jurisdictions.</p>
HMRC consultation on how MTD could be implemented for corporation tax. The consultation period closed on 5 March 2021.
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.
HMRC guidance on how to qualify and claim for corporation tax creative industry reliefs.
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