From 1 April 2023, the rate of corporation tax changes from 19% to a variable rate between 19% to 25%, depending on the profits made by your business. This could mean a change to what you will owe in tax for the 2023/24 tax year. What are the main changes to corporation tax? Prior to the […]
Tag Archives: corporation tax
27
Sep
Sep
If your business makes a loss for tax purposes, that might sound like bad news. But the reality is that you can turn this loss to your advantage, with the right tax planning. In many circumstances, your loss can be offset against other taxable income. This means you can reduce your payable tax, or even get […]
24
May
May
All good business owners know that it’s better to put money aside for tax liabilities than to get to the point of payment and panic about where it’s all going to come from. There’s nothing worse than the realisation that you owe more tax than you thought – and you are going to struggle to […]
10
Nov
Nov
Back to Tax Basics: How capital allowances reduce your tax bill Generally speaking, the business expenses you incur are allowable against your profits. But when it comes to fixed asset purchases (things like machinery, equipment or vehicles), these purchases are treated slightly differently. To reduce your tax bill when purchasing fixed assets, it’s important to […]
20
Aug
Aug
What business taxes will your new company need to pay? As the founder of a company, there’s a long list of compliance tasks to get your head around – and one of the key tasks will be registering your company for business taxes. Once you’ve registered as a limited company, you become liable for paying […]
20
Aug
Aug
Back to Tax Basics: How Does Corporation Tax Work? Corporation tax is a tax that’s levied on your company’s profits. When you operate your business through a limited company, that company is considered to be a separate entity from you as an individual. Among other things, this means you have to pay corporation tax (CT) […]