by admin | Sep 10, 2026 | Uncategorized
The rate of Corporation Tax payable depends mainly on the level of a company’s taxable profits. The main rate is 25% and applies where profits exceed £250,000. Companies with profits of £50,000 or less generally pay Corporation Tax at the small...
by admin | Sep 10, 2026 | Uncategorized
Self-employed people can deduct allowable business expenses when calculating their taxable profits. However, where a cost has both a business and private element, only the business proportion can normally be claimed. For example, if a mobile phone bill is £200...
by admin | Sep 10, 2026 | Uncategorized
Making a trading loss whilst not ideal can sometimes generate a tax refund. If you are a self-employed individual or a member of a trading partnerships, a trading loss can potentially be set against other income or capital gains. This can reduce the amount of tax...
by admin | Sep 10, 2026 | Uncategorized
Self-employed people can choose to use simplified expenses to calculate certain business costs using flat rates rather than working out their actual expenses. The system can save time and make record keeping easier, but it will not necessarily produce the best tax...
by admin | Sep 10, 2026 | Uncategorized
A company does not have to be formally closed to become dormant for Corporation Tax. A company is usually considered dormant if it has stopped trading and has no other income, such as investment income. A new limited company that has not yet started trading can also...
