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UK Corporate Income Tax

UK corporate income tax

British companies need to declare corporate income tax (corporation tax) to the government every year. In the process, the company needs to calculate the business profit. Simply put, it is to subtract the expenses from the income from your annual transaction statement. But this is not all about corporate income tax. There are still a series of situations where you can get tax relief, which will be the final tax item of income tax after adjustment. Our professional accountants will help you minimize tax expenses while ensuring compliance and legality.

Corporate income tax relief

1. Capital Allowances

If your company purchases machines, instruments, computers, cars and other tools for business purposes, you can apply for a tax deduction for the related expenses from the company's profits. In some cases, companies have the opportunity to obtain amortization credit (Writing Down Allowance), which means that they can obtain tax relief for a longer period of time.

2. Annual Investment Allowance (AIA)

If your company meets certain conditions, such as a factory, self-built machinery and equipment, and it is a fixed installation or converted, you can apply for AIA to achieve tax reduction effects to effectively reduce the pressure on company operations.

3. Corporation Tax Losses

In the process of calculating the company's profit, it is inevitable that you will encounter the problem of business losses. We can offset the company's losses horizontally or group for you according to the British regulations, so as to reduce the financial pressure of the group. And no matter which kind of offset has individual limitations or restrictions, please contact us for details, we will carefully analyze various situations and the possibility of tax reduction for your company, and minimize tax pressure as much as possible.

4. Research and Development Relief (R&D Relief) Research and Development Relief, R&D relief)

If your business is related to innovative technology, we can apply for research and development credit (R&D credit) for you to reduce tax expenses. It is worth noting that even if the research project fails, you can also apply for tax credit.

5. Creative Sector Relief

If your company is related to artistic creation industries, such as television, movies, games, etc., you can apply for tax deduction as long as you meet the conditions.

  • How does WONG&YIP Accountants handle tax issues for customers?
    Our professional accountant team is composed of licensed accountants in Hong Kong and the United Kingdom, and serves individuals, companies, and real estate investment in three categories. ‧Personal aspects: We can provide clients with professional assessment and analysis, answer tax-related questions, and handle tax declaration procedures for clients to ensure that all procedures are compliant. ‧Company aspects: We can help customers establish companies from scratch in the UK, handle daily bookkeeping and accounting work, set up payroll systems, contract company accounting services, prepare financial statements, and handle UK and EU value-added tax, etc. ‧Real estate investment: We can handle stamp duty assessment and tax refund for customers, and tax issues for overseas owners.
  • How much is the fee of WONG&YIP Acountants?
    Since the tax issues or handling methods faced by different people are very different, our service charges will be flexible, depending on the needs and circumstances of customers, and we will give customers fair and reasonable quotations.
  • What documents do I need to prepare?
    Since everyone's tax problems are different and the required information is also different, we recommend that customers contact us with WhatsApp first and explain your situation initially. We will discuss the relevant inquiries with customers and then prepare relevant documents for us to improve services. quality and efficiency.
  • How do accountants protect clients' privacy and confidential information?
    All of our accountants are licensed professional accountants. In all cases, the principle of confidentiality will be observed. Unless legal or professional obligations require disclosure, all information will be kept confidential. We will require customers to sign a confidentiality agreement, encrypt the data provided by customers, keep customer information in a safe place, and protect network security through firewalls and anti-virus software. Management customers no longer need to use the data.
  • What are the benefits of finding a professional accountant to handle taxation?
    Our accounting and taxation services can help clients manage their personal or corporate tax situations more efficiently, and at the same time provide clients with professional tax advice, such as providing advice on reducing tax expenses and improving their personal or corporate financial status.
  • What is the use of outsourcing company accounting services? What are the benefits?
    For start-ups, due to limited resources, most of the accounting work will be undertaken by the founders alone. By outsourcing the accounting work to our company, the boss can focus more on business development, and at the same time avoid being unfamiliar with accounting operations or tax systems. resulting in losses. In the UK, the cost of hiring a professional accountant is high. By outsourcing the accounting work to a professional accountant, you can enjoy professional accounting services at a lower price and avoid the problem of hiring the wrong person. Therefore, outsourcing accounting services is often used in many cases. It's all safe practice.
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