Factsheets
Corporate & Business Tax

Business motoring

For many businesses the tax allowances available for business motoring is an important matter to consider. At Naail & Co, we can provide advice for your business in the Greater London area.

Capital allowances

The cost of purchasing capital equipment in a business is not a revenue tax deductible expense. However tax relief is available on certain capital expenditure in the form of capital allowances.

Cash basis for the self-employed

We consider the optional rules which allow small unincorporated businesses to calculate their profits for tax purposes on a cash basis rather than the normal accruals basis.

Companies – tax saving opportunities

Pre-year end tax planning is important as the current year's results can normally be predicted with some accuracy and time still exists to carry out any appropriate action.

Corporation tax

Note that the overwhelming majority of companies are not within the quarterly payment regime and pay their corporation tax nine months and one day after the end of their accounting period.

Corporation tax self assessment

Every year, HMRC issues a notice to file to companies. In most cases, the return must be submitted to HMRC within 12 months of the end of the accounting period.

Fixed rate expenses

The use of fixed rates is available to anyone who is self-employed. Partnerships can also use them as long as all the members of the partnership are individuals.

Homeworking costs for the

Working from home may be an attractive option for some. Here we consider the tax implications of homeworking arrangements for the self-employed.

Incorporation

The issue of whether to run your business as a company or a sole trader or partnership is an important one. In this factsheet, we summarise the potential tax savings available from operating as a company.

IR35 personal service companies

The ‘IR35’ rules are designed to prevent the avoidance of tax and national insurance contributions (NICs) through the use of personal service companies and partnerships.

Research and development

Qualifying R&D capital expenditure incurred by a company would be eligible for 100% research and development allowance. Details of this allowance are not provided in this summary.

The Construction Industry Scheme

Where a contractor has not made any payments to subcontractors in a tax month it is advisable to make a nil return to avoid HMRC

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