Category Archives: Corporation Tax

New Rules for Corporation Tax and Associated Companies

If you are an owner and/or director of a limited company, you may have noticed your accountant asking more questions regarding your other business interests. This is due to some changes in corporate tax legislation. In this blog we aim to set out the new rules and why they are important. What are “Associated Companies”? […]

Tax deductible expenses for your business

business expenses

Setting up a business is both exciting and worrying. There’s so much to do and the topic of tax deductible expenses for business might not even be on the radar!  However, no doubt you want to optimise your tax position whilst making sure you stay on the right side of HM Revenue and Customs (HMRC). […]

Ways to reduce your corporation tax bill

Corporation Tax

With the corporation tax rate rising from 19% to 25%, business owners have started to face higher corporation tax bills from 1 April 2023. So, what are the ways to reduce your corporation tax bill? If you are running a profitable business, you may be wondering if you’re taking advantage of all the tax efficiencies […]

The issue of IR35

ir35

A couple of years ago we were discussing if contracting was dead in the water. The introduction of IR35 reforms in April 2017 and April 2021 had raised questions.  The issue of IR35 so to speak. These reforms transferred the responsibility of determining IR35 status from contractors to clients, causing a significant compliance burden.  It […]

What is duality of purpose?

dress code for barrister

As accountants, we have become accustomed to seeing situations where our clients combine their business and personal expenses.  Our role is often (especially when we are doing the bookkeeping) to sift through these expenses and explain the duality of purpose to our clients. So, what is duality of purpose?  Simply explained duality of purpose is […]

HMRC plans to increase the number of tax investigations

hmrc inquiry

Last week, HMRC released its annual report, which is worth a read. It covers topics such as tax revenue, decrease in tax gaps, shortcomings in customer service and efforts to ensure accurate tax payment. The CEO’s review discusses investment in compliance officers and emphasis on tackling fraud. As a result, HMRC plans to increase the […]

The best ways to take money out of your company.

taking money out of your company

What are the best ways to take money out of your company?  This is the most common question asked by many clients. You choose to operate your business as a limited company for various reasons.  One of the top reasons is normally so that you can have protection under “limited liability” and the other is […]

Changes to R&D tax relief schemes

research & development

In the Chancellor’s Spring 2023 Budget , Jeremy Hunt confirmed changes to the two Research and Development (R&D) schemes currently in operation. These changes came into effect from 1 April 2023 and are being brought in to help tackle a significant amount of fraud being perpetrated through the R&D schemes, particularly the scheme for SME’s. […]

Changes to Research & Development tax credit schemes

Changes to R&D tax relief schemes In the Chancellor’s Spring 2023 Budget ,Jeremy Hunt confirmed changes to the two Research and Development (R&D) schemes currently in operation. The main changes relate to the changes to the rates of relief available. These changes came into effect from 1 April 2023 and are being brought in to […]