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What are the rules for Corporation tax with Large and Very Large companies.

A large company with taxable profits between £1.5m and £20m is required to pay Corporation Tax in 4 equal instalments. These instalments are payable in months 7, 10, 13 and 16 following the start of the relevant accounting period. The actual payments are due 6 months and 13 days after the start of the accounting period, then 9 months and 13 days, then 12 months and 13 days and finally 15 months and 13 days after the start of the accounting period.

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What are the Tax-free allowance's on trading and property income?

A reminder that there are two separate annual £1,000 tax allowances for property and trading income. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each.

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What miscellaneous benefits can I offer Tax-Free?

The list of miscellaneous company benefits that can be provided tax-free to employees is quite short. However, some of the benefits that can be provided include the following:

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What are the deadlines for filing my company confirmation statement?

As well as filing accounts with Companies House, there is a requirement to check that the information Companies House has about your company is correct every year. The filing of an annual company confirmation statement facilitates this. Companies House can prosecute a company and its officers for failing to file a confirmation statement, and the company can be struck off.

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How to claim back Tax off your charitable donations – The Gift Aid Scheme.

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take your donation and, provided all the qualifying conditions are met, reclaim the basic rate tax allowing for an extra 25p of tax relief on every pound donated to charity.

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How can I reduce tax for investors in trading companies? – The Enterprise Investment scheme.

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies raise finance by offering a range of tax reliefs to investors who purchase new shares.

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Accountants and Business Advisory Firm Moore (South), Announce Associate Partner Promotions

 Moore (South) are delighted to announce that Andrew Tanner and Vicky Drayton have been promoted to Associate Partners, with effect from 1st April 2023.  

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What is Business Asset Rollover Relief?

Business Asset Rollover Relief is a valuable relief that allows for the deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost of the new asset, and any CGT liability is deferred until the new asset is sold.

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What are the National Living Wage and National Minimum Wage Rates for 2023?

New National Minimum Wage (NMW) and National Living Wage (NLW) rates come into effect on 1 April 2023.

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Have you utilised 2022-23 IHT allowances and reliefs?

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2022-23 tax year that will end on 5 April 2023.

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Spring Budget 2023 Recap - Pension changes

One of the key measures of the Spring Budget was the announcement that the £40,000 cap on annual pension contributions will be increased by 50% to £60,000 from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of Income Tax and is subject to the increased underlying limits. Taxpayers will continue to access carry-forward, unused annual allowances for the last three tax years if they have made pension savings in those years.

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What are the changes to the IHT400 Inheritance tax form?

HMRC has released an updated version of the Inheritance Tax account form (IHT400). This is the main form used as part of the probate or confirmation process where there is Inheritance Tax due or if the deceased's estate does not qualify as an 'excepted estate'. Box 2 on the IHT400 calculation form has been updated.