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.

Have a question?
Get A Free Quote
Have a question?
Get A Free Quote

Your partners in planning and success

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.

OUR PROMISE

We care for our clients. Building and maintaining fantastic relationships is what we do best, we will never treat you as a number which is what makes our approach so unique. The highest level of customer service combined with a keenness to listen and work together with our clients means that we leave a stream of happy clients in our wake every single day. Our services come with unlimited help and support provided at no extra cost throughout the year.That help and advice will all come courtesy of your own fully qualified and dedicated small business accountant.

Got a question?
No problem

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.

Free advice for our clients

Our Services For Business

Client Testimonials

Our clients are our assets and we take every step to look after them and provide them the advice and support when ever they need. 

LET US KNOW IF YOU NEED HELP WITH SWITCHING ACCOUNTANT

It has never been easier to switch accountants. You just need to sign our engagement letter and we will do the rest.

Our Blog

Read our Latest Blog

Uptodate knowledge of tax and business sectors of UK, HMRC and EU written in language you can understand.

Maintaining your NIC contributions Covid-19

If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.

Read More ->

Selling the Buy to Let property at a loss

While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.

Read More ->