by Pi Accountancy | May 24, 2021 | Business, COVID-19, HMRC, Self-Assessment, Taxes
To help businesses which have suffered losses as a result of the COVID-19 pandemic, the period for which certain trading losses can be carried back is extended from one year to three years. The extended carry-back period applies for both income tax and corporation tax...
by Pi Accountancy | May 22, 2021 | Business, HMRC, PAYE, Self-Assessment, Taxes, VAT
Business records if you’re self-employed You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs (HMRC) may check your records to make sure you’re paying the right amount of tax....
by Pi Accountancy | Apr 8, 2021 | HMRC, MTD, Taxes, VAT
Corporation tax increase from April 2023 The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023. However, companies with profits of £50,000 or less will continue to pay corporation tax at the current rate of...
by Pi Accountancy | Apr 6, 2021 | Business, HMRC, Taxes
New capital allowances super-deduction Companies thank incur corporation tax can invest in new plant and machinery in the two years from 1 April 2021 are able to benefit from two new first-year allowances, including a super-deduction of 130%. Details of the measure...
