by | 9 Nov, 2023 | Corporation Tax
After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. In most cases a company’s tax return must be submitted within 12 months from the end of the accounting period it covers. Online...
by | 9 Nov, 2023 | Corporation Tax
HMRC’s internal manuals provide some useful information on the definition of a business repair. This is important because it is required to identify the asset on which work has been carried out. This is because: the cost of repairing a worn or dilapidated asset...
by | 19 Oct, 2023 | Corporation Tax
Companies often have two different company accounting periods. This is because there are different rules for Companies House filings and for returns sent to HMRC. The accounting periods can be the same but can also differ and a change may need to be made to...
by | 21 Sep, 2023 | Corporation Tax
Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule, if the asset would have been liable to CGT had a gain taken place, then the loss should be an allowable deduction. The exact treatment of losses depends...
by | 21 Sep, 2023 | Corporation Tax
There are special rules concerning the transfer of assets in groups of companies. In most cases, this means that where assets are moved around group companies, there are no immediate capital gains consequences. This effectively allows for a tax neutral, no gain...
by Admin | 3 Aug, 2023 | Corporation Tax
A Corporation Tax Group Payment Arrangement (GPA) is a special arrangement that allows groups of companies to make joint payments of Corporation Tax. This type of arrangement can reduce the administration and costs associated with making a large number of individual...
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