Corporate Tax
Corporate Tax is applicable to all Companies with some exceptions. This is paid during the tax period of the compnay and must be informed and updated via accounts even company does not makes a profit. There are also allowances and relief which can largely affect your tax bill. At Right Tax Advice our expert Tax Specialists will advise you on Corporate Tax which not only reduce your tax bill but also save money in future. There are certain tax reliefs which you might not be aware until you receive a huge tax bill with fine, therefore, it is advisable to have a tax consultation. We will attempt to provide you a complete Tax advice according to the statutes and latest case law.
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When Corporate Tax is Applicable ;
(Please note following are the broad areas, for right tax advice as per your circumstances fill the form below)
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On Profits at the Rate of 20%
Rate of Corporation Tax ;
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300,000 GBP or less : 20%
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If you had profits between £300,000 and £1.5 million before 1 April 2015, you may be able to claim Marginal Relief to reduce your Corporation Tax.
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Allowances and Reliefs ;
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Cost of Running the Business Can be deducted from Profits
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Costs Spent on Employees (but not benefits)
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Claim capital allowances if you buy assets that you keep to use in your business, eg: equipment - machinery - business vehicles, eg cars, vans, lorrie.
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Research and Development (R&D) Relief
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The Patent Box if your company makes a profit from patented inventions
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Reliefs for creative industries (CITR) if your company makes a profit from theatre, film, television, animation or video games
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Disincorporation Relief if you’re closing your company and becoming a sole trader, ordinary business partnership or limited partnership
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Mariginal Relief
The UK Corporate Tax advice includes from Statutes and the major case Law, such as (Non Exhaustive List - Not Limited) ;
Statutes ;
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Corporation tax Income and Corporation Taxes Act 1988 ICTA 1988
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Corporation Tax Act 2009 CTA 2009
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Corporation Tax Act 2010 CTA 2010
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Income and Corporation Taxes Act 1988
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Overseas aspects of tax Taxation (International and Other Provisions) Act 2010 TIOPA 2010
Cases ;
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VOLAW TRUST AND CORPORATE SERVICES LIMITED and LARSEN v. COMPTROLLER OF TAXES [2013] JLR 203 (28 July 2013)
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King & Ors v Revenue and Customs (INCOME TAX/CORPORATION TAX : Partnership) [2016] UKFTT 409 (TC) (14 June 2016)
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Mourne Properties Ltd v Revenue and Customs (INCOME TAX/CORPORATION TAX : Other) [2016] UKFTT 258
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Adelekun v Revenue and Customs (INCOME TAX/CORPORATION TAX : Losses) [2016] UKFTT 107 (TC) (18 February 2016)
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Qualapharm Ltd v Revenue and Customs (INCOME TAX/CORPORATION TAX : Other) [2016] UKFTT 100 (TC) (17 February 2016)
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