During my years of dealing with related businesses (majority being group companies) the concluding meeting point on finalising the end of year financial statements is sometimes ‘what management charges should we apply?’ To have this as a final adjustment within the...
HMRC charges interest on underpayments of tax, and pays interest (repayment supplement) on overpayments. The rate of interest paid on overpaid tax is lower than the rate charged on underpayments, and interest rates are adjusted frequently in line with commercial...
Expenses Expenditure incurred before the company year-end might reduce the current year’s tax liability instead of next year’s. Bringing forward expenditure by even a few weeks on, for example, building repairs, advertising, sales and marketing campaigns,...
General overview Entrepreneurs’ relief (ER) provides relief for disposals by smaller business owners. It results in a tax rate of 10% on the disposal. The relief is available on material disposals of business assets which covers businesses operated as a sole...
This guide covers some Business Tax Planning suggestions: Corporation tax The main rate of corporation tax is 19% until 31 March 2020. From 1 April 2020 this rate reduces to 17%. Corporation tax self-assessment requires companies to work out their own tax liability as...
Getting started If you are thinking of starting a business, you should consider, among other factors: the nature of the business, the demand for the service or product, the state of the economy, the availability of suitable funding, your break-even, the profit...
