• Corporate and Business Tax

Corporate and Business Tax

> IR35 Personal Service Companies
The ‘IR35’ rules are designed to prevent the avoidance of tax and national insurance contributions (NICs) through the use of personal service companies and partnerships.

> Corporation Tax Self Assessment
Corporation Tax Self Assessment (CTSA) was introduced in 1999. It completed the self assessment reforms introduced for individuals some years earlier by extending the principles of self assessment to company tax returns.

> Corporation Tax – Quarterly Instalment Payments
Under corporation tax self assessment large companies are required to pay their corporation tax in four quarterly instalment payments. These payments are based on the company’s estimate of its current year tax liability.

> Companies – Tax Saving Opportunities
Due to the ever changing tax legislation and commercial factors affecting your company, it is advisable to carry out an annual review of your company’s tax position.

> Incorporation
The issue of whether to run your business as a company or a sole trade or partnership is an important decision. In this factsheet, we summarise the relevant tax changes and show the potential tax savings currently available from operating as a company.

> Franchising
Franchising is becoming increasingly popular in Britain with an annual turnover of around £13.47 billion. The business community now takes franchising very seriously and it is accepted across a range of sectors.

> The Construction Industry Scheme
The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance (NI) for those working in the construction industry.

> Capital Allowances
The cost of purchasing capital equipment in a business is not a tax deductible expense. However tax relief is available on certain capital expenditure in the form of capital allowances.

> Business Motoring – Tax Aspects
This factsheet focuses on the current tax position of business motoring, a core consideration of many businesses. The aim is to provide a clear explanation of the tax deductions available on different types of vehicle expenditure in a variety of business scenarios.

> Homeworking Costs for the Self-Employed
Whilst technology has moved on, travelling has become more and more difficult. Homeworking has become the answer for many but how have the tax rules kept up with these changes?

> Research and Development
Research and development (R&D) by UK companies is being actively encouraged by Government through a range of tax incentives.

> Patent Box
The Patent Box provides a reduced rate of corporation tax for companies exploiting patented inventions or certain other innovations protected by particular intellectual property (IP) rights.

> Fixed Rate Expenses
An optional system of fixed rate expenses has been introduced for some businesses. We consider the rules which take effect for 2013/14 onwards.

> Cash Basis for the Self-Employed
We consider the optional rules which have been introduced for 2013/14 onwards and which allow small unincorporated businesses to calculate their profits for tax purposes on a cash basis rather than the normal accruals basis.