Don’t miss tax deadlines
If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another penalty is incurred (the higher of £300 or 5% of the tax due). The flat-rate penalties will stand even if the tax return shows no tax. Your company’s corporation tax return is due a […]
Where there’s a Will…
They may also need to pay inheritance tax (IHT) if the net value of your assets, including your home and any insurance policies that pay out to your estate on death, exceeds the nil rate band (NRB) of £325,000. The IHT rate above this threshold is 40%, or 36% if at least 10% of your […]
Accelerate your tax relief
You can save or delay tax by advancing the acquisition of assets to before the end of your accounting period. This permits you to claim the capital allowances associated with those assets earlier. If you trade through a company, you can claim a super-deduction of 130% of the cost of new plant and machinery purchased before […]
Claim for your company’s losses
The trading losses from these periods can be carried back to set against total profits of accounting periods ending in the previous three years. There are two £2 million caps (one for each financial year in which the loss is generated) for the losses carried back to the two earliest years of the three. Claims […]
