In a nutshell From 1 April 2023, the rules have changed from 51% related companies back to the associated company rules. Prior to 1 April 2023, companies were connected if one company had at least a 51% shareholding in another company. The new rules result in more companies being connected compared to the old 51% shareholding companies. Why does this matter? The result may ...
How the Autumn Statement update tax changes may affect your business
How the Autumn Statement update tax changes may affect your business Following the Autumn Statement 2023 announcing tax changes for business owners, employees and employers, updates are being released in stages informing businesses how they will be affected at the beginning of the new tax year in April 2024. Discover below the recent updates on Capital Allowances, Corporate ...
Changes in legislation to Research and Development claims
Companies have seen some big changes lately; changes in corporation tax rates, changes back to the associated company rules from the 51% related companies, and lately, additional requirements to support R&D claims and changes to R&D rates.
Should my company be making QIPs (Quarterly Instalment Payments)?
- If your company makes profits of over £1.5m then the answer is probably “yes”
- You need to consider new rules from 1 April 2023 that bring “associated” companies into play, and may mean more companies fall into the QIPs regime
- Companies falling into QIPs need to be mindful of payment dates to manage cashflow
Limited Company - 2023/24 Considerations
Directors’ remuneration – with the new financial and tax year starting in April, it is time to consider the best level of salary for you to process for the 2023/24 tax year.
Increased Corporate Tax rates are effective from April 2023
From 1 April 2023, corporation tax will increase to 25% where a company’s profits exceed £250,000 a year. The current 19% rate will however continue to apply where profits are no more than £50,000 a year. Where a company’s profits fall between £50,000 and £250,000 a year, an effective rate of 26.5% applies to profits in excess of £50,000. Some companies that are connected or i ...
UK property - overseas entities must register and declare their beneficial owners
The Economic Crime (Transparency and Enforcement) Act 2022 became law on 1 August 2022. This legislation applies to Overseas entities (particularly Branches) – whether already registered at Companies House or not, and individuals based overseas that wish to buy, sell, or transfer UK property or land. Overseas entities will need to register with Companies House who are their re ...
Annual Tax Enveloped Dwelling (ATED) – At a glance
ATED was originally introduced back in 2013 as part of a range of measures to make indirect ownership of high-value residential property in the UK through corporate vehicles – officially termed ‘non-natural persons’ – less attractive to investors looking to avoid or minimise taxes when disposing of their property and driving up the residential property market. The legislation a ...
COVID-19 pandemic support payments – HMRC reminders
In light of the influx of government support measures introduced in response to the COVID-19 pandemic, HMRC is in the process of issuing notices to self assessment taxpayers, reminding them to ensure that they have the correct information in order to complete their tax return. This year, in addition to the regular self assessment disclosures, taxpayers will also have to declar ...
Capital Allowances new ‘Super-Deduction’.
With effect from 1 April 2021 there have been significant changes to the capital allowances available to businesses within the scope of corporation tax. The new super-deduction gives businesses investing in qualifying equipment a much higher tax deduction in the tax year of purchase. Under the new rules, investments in plant and machinery can now qualify for:- A ‘super dedu ...
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