Category: Corporate

What do you know about Corporate Intangibles Tax Treatment   Corporate intangibles tax treatment The corporate tax treatment essentially follows the treatment of intangibles in the accounts. There are, however, restrictions on the deductibility of debts about goodwill and other customer-related intangible assets depending on the date of acquisition or creation. The corporate intangibles regime has gone through several iterations since its introduction in […]

New VAT Penalties regime   Penalties for late payment and interest harmonisation For VAT taxpayers from periods starting on or after 1 January 2023. For taxpayers in Income Tax Self-Assessment (ITSA), from the tax year beginning 6 April 2024 for taxpayers with business or property income over £10,000 per year (that is, taxpayers must submit […]

Does HMRC have too` much power or not enough? The taxes collected by HMRC – £584.5bn in 2020-21 – run the UK and, as such, the right amounts must be managed. To this end, HMRC has myriad powers to review returns and check taxes have been correctly calculated and paid. For civil cases, these powers […]

  Tax implications from loans to participators made by close companies   The Autumn Budget 2021 confirmed that the increased dividend upper rate will apply on tax charged under Corporation Tax Act 2010, s.455, which details new anti-avoidance measures in addition to those already in place for loans to participators in close companies. Let’s take […]

Capital Allowance Super-Deduction explained   The Treasury announced on 3 March 2021 the introduction of a 130% Capital Allowance super-deduction as well as 50% first-year allowance (FYA) on special rate (SR) assets. These are just one of many incentives the UK government has used to improve business investment, so let’s take a comprehensive look at […]

Health and Social Care Levy: Why are National Insurance rates increasing?  WIM Accountants summarises the tax increases brought with the Health and Social Care Levy Bill   9 September was a day that shocked the nation, particularly lower-earning taxpayers when the Prime Minister announced a tax increase. National Insurance rates are set to rise along […]

Wrap your head around PAYE   We’ve all seen the words PAYE pop up on our payslips, but how many actually know what PAYE means and how it works? Introduced in 1944, the ‘Pay As You Earn’ system is a method used to pay income tax and National Insurance Contributions (NICs) to HMRC from your […]