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Corporation Tax Advice for Family Business

Companies pay Corporation Tax at 20% on the first £300,000 of profit, 27.5% on the next £1.2m of profit and 26% thereafter.

If the company has associated companies then these bands will alter.

Only those items which are wholly necessary and exclusively for the business may be deducted in arriving at a company's profits and invariably there are items which directors consider to be purely for business use which do not necessarily qualify for Corporation Tax relief.

Capital allowances may be claimed on equipment and specialist advice is needed to ensure claims are accurately made and up to date.

Once again if in doubt, please email Bill Benoy

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