Spring Budget 2020 – Corporation Tax

Spring Budget 2020 – Corporation Tax

The Corporation Tax main rate will remain at 19% from 1 April 2020. The main rate had been expected to reduce to 17%. However, this reduction was always in doubt after the Conservative election manifesto promised to reverse this announcement. It has also been...
Basic Corporation Tax reliefs

Basic Corporation Tax reliefs

There are a significant number of reliefs that can reduce the amount of Corporation Tax your company needs to pay on profits made. Your company can also claim Capital Allowances for assets such as equipment, machinery and cars bought to use in your business. The basic...
Tax implications for construction industry

Tax implications for construction industry

If you run a construction business and secure the services of sub-contractors, or if you are a building sub-contractor, you will need to comply with a special set of tax rules collectively known as the Construction Industry Scheme (CIS).  The CIS rules...
Overdrawn directors’ loans

Overdrawn directors’ loans

An overdrawn Director’s Loan Account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay the personal expenses of directors using company...