Reliefs and Allowances
There are many types of business expense which can be deducted from your company’s income when calculating taxable profits; however, the purchase of assets is not allowable. Capital allowances must be claimed instead.
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Many forms of tax relief can reduce tax liabilities. To ensure that this complex area of tax is handled properly, it is imperative to use the services of qualified accountants like The Accountancy Solutions, who can determine which forms of tax relief your company is entitled to and can ensure that your corporation tax is paid in full and on time.
Advice For Corporation Tax Relief And Allownces
Capital allowances may be claimed for most machinery, vehicles, and plants. It may also be possible in a few cases to claim them on-premises. Capital allowances for company cars vary depending on emissions levels, and enhanced allowances apply to some eco-friendly technologies. Other assets on which capital allowances can be claimed include:
- Renovating a business presence in a disadvantaged area
- Development and research
- Know-how
- Patents
Allowable Expenses: Most ordinary business expenses can be set against the profits assuming that they are necessary and exclusively for the business. Accountants can advise best on this tax element since it is important to know where the lines can be drawn.
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Are you just looking for an answer to a general question? We always provide free advice to individuals and self employed persons. You can send us an email, call us or fill in the form. But you should be asking answers to general questions.
Types of Corporation Tax
Its rather types of organisations which need to pay corporation tax. Companies can also be classified as non resident or foreign.
Unincorporated Business
Unincorporated Business are associations registered in companies house. Other types of business will include sole traders and partnerships.
Reliefs And Allowances
Claim corporation tax releif on expenses which are eligible under the law. There are penalties for claiming wrong tax relief.
Tax on Foreign Companies
Corporation Tax on foreign companies will depend on certain conditions. Its not always every foreign company have to pay tax.
Frequently Asked Questions
Most frequent questions and answers
No we do not charge any fee for initial consultation. We will try to give you free guidance if its something you can do easily by yourself. We will only charge you if you appoint us to do some work for you.
We are giving free advice on general questions and this is one way of paying back to our local community who cannot get through to tax man. But if your question is of specific nature, we will tell you about our fee.
You can certainly ask question about accounting but you should know that we cannot teach you accounting over the phone or online. If you are not familiar with book keeping or accounting, its best to hire an accountant?
If you are only after advice, we will make a decision after hearing question. It may take further investigation and we may have to look into your personal circumstances to answer your question.
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