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In corporate tax, there’s no hiding. An opinion won’t cut it, unless it’s backed up by authority. And in such a complex, ever-changing area there’s no room for mistakes.

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Content written by the author of the leading textbook in this area and includes several sector specific Practice Notes. It links directly to Tolley’s Orange Tax Handbook, Tax Journal and key text De Voil.

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Associated legal terms

Calendar year accounting period

A calendar year accounting period is an accounting period that runs from 1 January to 31 December in a given year, used for preparing accounts and calculating tax liabilities. In legal and tax practice across England and Wales, Scotland, Northern Ireland and Ireland, it describes a factual pattern of accounting rather than a distinct statutory concept, although tax and company legislation in each jurisdiction proceeds on the basis that an accounting period may, but need not, match the calendar year.

Companies, partnerships and sole traders may adopt a calendar year accounting period for financial reporting, corporation tax, income tax or capital gains tax computations, provided relevant statutory requirements are met (for example, notification to HMRC or Revenue, and consistency between periods). It is commonly used to align with group reporting timetables, international standards, or to simplify comparison of financial performance between years.

The choice of a calendar year accounting period can affect tax payment dates, loss relief utilisation, interest on overdue tax and the interaction with changes in tax rates or rules applying from a specific tax year or fiscal year, which may not themselves follow the calendar year.

Capital allowance

/ˈkapɪt(ə)l/ /əˈlaʊəns/

An allowance made for certain types of capital expenditure to be used as reductions against a company's corporation or income tax liability on profits.

Payroll taxes

Payroll taxes are compulsory deductions from employment income payable to the tax authority by an employer, usually when operating PAYE or an equivalent withholding system. In legal practice, the term is descriptive rather than a defined statutory concept, and is used to refer collectively to income tax withheld at source and associated social security contributions.

In the UK (England & Wales, Scotland and Northern Ireland), payroll taxes typically include income tax deducted under PAYE, employee and employer Class 1 National Insurance contributions, and (where relevant) apprenticeship levy and student loan deductions. These obligations arise under primary tax and social security legislation and detailed HMRC regulations, with the employer generally treated as the “secondary contributor” and responsible for correct calculation, deduction, remittance and reporting.

In Ireland, payroll taxes usually refer to PAYE income tax, USC, PRSI (employee and employer) and LPT deductions, administered by Revenue under PAYE modernisation rules.

For employment, tax, corporate and insolvency practitioners, payroll taxes are central to advising on employment structuring, compliance, due diligence, TUPE/business transfers, director and personal liability exposure, and HMRC/Revenue audits, penalties and settlement negotiations.
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