Corporation Tax

Corporation tax planning and advice from DSC Chartered Accountants in Harrogate.

Making Tax Digital - dates for implementation

April 7th 2017

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be:

Simplified Cash Basis

April 7th 2017

For some time now, unincorporated businesses have been able to submit simplified accounts in order to settle their tax liabilities. The main advantage of using this system is that income and expenditure is based on money received from customers and money paid to suppliers. In other words, the accruals basis, where income and outgoings are based on the value of invoices sent and received, is not applied.

Storm Damage

February 3rd 2017

Costs that businesses incur to clean up after the recent storms, that affected the north and east coasts in particular, need to meet the usual qualifying criteria that they are incurred “wholly and exclusively” for business purposes in order to be a legitimate write-off for tax purposes.

Considering investing in plant or equipment?

February 3rd 2017

Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations:

Rates and allowances update

February 1st 2017

The personal allowance increases to £11,500 for the 2017/18 tax year. As for 2016/17 the allowance will be reduced by £1 for every £2 by which adjusted net income exceeds £100,000. This means that anyone with income in excess of £123,000 for 2017/18 will not receive the personal allowance.

Time running out for Business Premises Renovation Allowance (BPRA)

February 1st 2017

The window of opportunity to take advantage of Business Premises Renovation Allowance (BPRA) is drawing to a close - to benefit from the relief, expenditure must be incurred on or before 31 March 2017 for corporation tax purposes and on or before 5 April 2017 for income tax purposes.

Three months to go

January 13th 2017

All UK taxpayers may benefit from pausing, taking a deep breath, and considering their planning options as we approach the run-up to yet another tax year end.

Football agent loses tax appeal

October 6th 2016

In a recent tax case, Jerome Anderson v HMRC, the First-Tier Tribunal denied a football agent relief for trading losses. The judges’ arguments centred on the issue of whether he was carrying on a trade, and if he was, was it on a commercial basis with a view to making profits?

Claiming back pre-trading costs

October 6th 2016

Generally speaking, any business expenditure that you make up to seven years before you actually start trading, is treated for tax purposes as if it was incurred on the first day of trading.

What is a CT61?

June 7th 2016

Although most banks and building societies do not have to deduct Income Tax from interest payments they make to depositors from April 2016, the same does not apply to others that pay interest.