Goodwill and Corporation Tax

by | Aug 12, 2021 | Corporation Tax | 0 comments

Goodwill is rarely mentioned in legislation. Most people would settle on a simple definition which would be based on the ‘extra’ value of a business over and above its tangible assets. In the vast majority of cases when a business is sold a...

When is a company dormant for tax purposes?

by | Aug 5, 2021 | Corporation Tax | 0 comments

If a company has stopped trading and has no other income then the company is usually classed as dormant for Corporation Tax purposes. A company is usually dormant for Corporation Tax if it: has stopped trading and has no other income, for example investments is a new...

Associated company rules

by | Jul 15, 2021 | Corporation Tax | 0 comments

As announced in the Budget earlier this year there will be two rates of Corporation Tax from 1 April 2023. When the new rules take effect, taxable profits up £50,000 will continue to be taxed at 19% under the new Small Business Profits Rate. Taxable profits more...

Pre-trading expenditure

by | Jun 3, 2021 | Corporation Tax | 0 comments

There are special tax reliefs for pre-trading expenses that are incurred before a business starts trading. These could include expenses that are required to help a business prepare for trading such as buying stock and equipment, renting premises, taking out...