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Tax relief for R&D intensive SMEs
In the Autumn Statement it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will be merged from April 2024. It was also confirmed that there will be an enhanced regime for R&D intensive SMEs. The rate at which...
Company tax return obligations
After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. In most cases a company’s tax return must be submitted within 12 months from the end of the accounting period it covers. Online...
What is a business repair?
HMRC’s internal manuals provide some useful information on the definition of a business repair. This is important because it is required to identify the asset on which work has been carried out. This is because: the cost of repairing a worn or dilapidated asset...
Accounting periods for Corporation Tax
Companies often have two different company accounting periods. This is because there are different rules for Companies House filings and for returns sent to HMRC. The accounting periods can be the same but can also differ and a change may need to be made to...