top of page

UK CORPORATE INCOME TAX

 

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.

 

常見問題

There was an issue connecting to your network. Check your connection and try again.

Wong & Yip Accountants – Chartered Accountants in Manchester

Over 30 Years of Accounting & Tax Expertise

Wong & Yip Accountants is a firm of chartered certified accountants (ACCA & FCCA) based in Manchester, with over 30 years of professional experience. We specialise in accounting, taxation, VAT solutions, business advisory, and cross-border services.

Our mission is simple: to be the most professional, reliable, and trusted local accounting practice in the UK, helping clients grow with confidence.

 

Why Choose Wong & Yip Accountants?

  • 30+ Years of Experience – trusted by thousands of businesses across the UK and globally.

  • Trilingual Support – English, Native Cantonese, and Native Mandarin-speaking ACCA-qualified accountants

  • Specialists in the Oriental Market – we share your culture, language, and community.

  • Client-Centred Approach – “Clients First” is our philosophy. Every solution is tailored to your unique needs.

  • One-Stop Business Solutions – from UK tax compliance to cross-border e-commerce support.

 

Industries We Serve

Our clients range from small start-ups to multi-million-pound businesses with turnover between £20,000 and £5,000,000.

We serve a wide variety of industries, including:

  • Takeaways & Restaurants

  • Traditional Chinese Medicine Practitioners

  • Sourcing & Trading Agents

  • Cross-Border E-commerce (Amazon, eBay sellers, Shopify stores)

  • Law Firms & Legal Practices

  • Telecoms & Education Agents

  • Construction & Engineering

  • Printing & IT Services

  • Landlords, Taxi Drivers, Investors, and Translators

We also collaborate closely with law firms, immigration consultants, and financial asset managers, ensuring a comprehensive one-stop service for our clients.

 

Our Services

At Wong & Yip Accountants, we provide a full range of services, including:

  • Accounting & Bookkeeping

  • UK VAT Solutions & Compliance

  • Corporate Tax & Personal Tax Planning

  • Payroll & PAYE Management

  • Cross-Border E-commerce Solutions

  • Global IP & Trademark Advisory

  • Business Advisory & Management Consulting

Empower Your Global Ambition With Us – we combine technical expertise with cultural understanding to deliver results that help your business grow.

 

Recognition & Memberships

  • Member & Fellow Member of ACCA (Association of Chartered Certified Accountants, UK)

  • Trusted Tax Advisors for Amazon & eBay Sellers

  • Nominated for E-commerce Agent Awards – recognised for our efficient and diligent support of online sellers.

 

What Our Clients Say

“Wong & Yip Accountants is the most trustworthy firm. They are highly competent and always put my business interests first. I have complete confidence in them, and I have no hesitation in recommending them to you!”
— Sam Leung, Nougart

“Since moving our business to Wong & Yip Accountants, I’ve been impressed by their professionalism, friendly attitude, efficiency, and the consistently high standard of advice and service.”
— Chris, Wakuwaku Japan

“For nearly 30 years, we have benefited from first-class, bespoke payroll and business advisory services from Wong & Yip Accountants. Their combination of skill, efficiency, and professionalism—while remaining approachable—makes them an integral part of our team. We would have no hesitation in recommending their services.”
— Alex, UKTesla

“Wong & Yip Accountants took the time to truly understand our business from the inside. Their recommendations proved invaluable, transforming the way we work.”
— Kurl, Interpropset

“Wong & Yip Accountants are proactive and supportive in every new business venture, enabling me to make informed commercial decisions with confidence. We wouldn’t be where we are today without them. Highly recommended.”
— Tracy, Woodland International

 

Leadership

Henry Yip, BA, FCCA, HKICPA
Henry Yip is recognised as one of the UK’s leading experts in non-UK domicile taxation. With a strong entrepreneurial and commercial mindset, he has helped hundreds of clients succeed in their UK and international business ventures.

whatsapp-logo-1.png
2 (1).png

Wong & Yip Accountants is a professional accounting firm with office in Manchester (UK). Our team is composed of UK-practicing ACCA-qualified accountants and HK-practicing HKICPA-qualified accountants, each bringing extensive experience from diverse industries. We combine best practices from both the UK and Hong Kong, enabling us to deliver efficient, comprehensive, and culturally attuned accounting solutions.
Please feel free to contact us.

Social Media

contact us! If you would like more information about any of our services, or if you just want to say hi, please feel free to drop us a line.

  • Whatsapp
  • Instagram
  • Facebook

Address

info@wongyipaccountants.co.uk

+44 7599 614875

Jactin house, 24 Hood St, Ancoats, Manchester M4 6WX

 

©2023 by WONG & YIP ACCOUNTANTS. All Rights Reserved.

bottom of page