The following Corporation Tax guidance note Produced by Tolley in partnership with Jackie Barker of Wells Associates provides comprehensive and up to date tax information covering:
This note provides guidance on the relief available for excess management expenses. For general information on these expenses, please refer to the Management expenses guidance note.
Allowable management expenses arising from 1 April 2017 that exceed a company’s total profits and cannot be relieved in full in the current accounting period and have not been surrendered as group relief, are carried forward and may be deducted from the company’s total profits of the next accounting period. This is as long as the company carries out an investment business in the next accounting period. A claim is required, within two years of the end of the period in which the company wishes to set off the carried-forward management expenses against total profits.
Allowable management expenses arising before 1 April 2017 were available for set-off against future tota
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This note offers guidance in respect of the administration of company tax returns. If a company or organisation is subject to corporation tax they will have to complete and file a company tax return for each accounting period. A company or organisation must, in the main, file a return even if they
Terminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period. So if the final accounting
The basic rule is that all benefits provided to an employee by reason of their employment are taxable unless there is a specific exemption or other rule that means they are not chargeable to tax.ExemptionsThe main exemptions for employee benefits are in ITEPA 2003, ss 227–326B (Pt 4).Below is an
Expenditure of a capital nature is not allowed as a deduction when calculating trading profits. Expenditure of a revenue nature is allowable, provided there is no specific statutory rule prohibiting a deduction and the expenditure also satisfies the wholly and exclusively test. See the Wholly and
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