The corporate tax rate for company profits in UK is set at 20% and are paid at the rates that are applied to the company accounting period for Corporation Tax.
The rates for “ring fence” profits are quite different for companies involved in oil extraction and sale in the UK and UK continental shelf.
In some cases reliefs can be claimed on corporate taxes.
There has been a slight change on the tax rates for profits in the last three years:
|Your profits||From 1 April 2015||From 1 April 2014||From 1 April 2013|
|£300,000 or less||20%||20%||20%|
Marginal relief can be claimed in case if you had profits between £300,000-£1.5 million before 1st of April 2015 in order to reduce corporation tax.
If the accounting period is shorter than 12 months the threshold is reduced to match the accounting period. For example, if you have made £300,000 in profits over an accounting period of 6 months the threshold is halved. In case of associated companies the tax threshold is shared.
While preparing company accounts the cost of running the business can be deducted from the profits. Whatever is used personally by the employer or the employee must be treated as benefit. Several expenses cannot be authorized under the corporate tax, such as client entertainment, these need to be added back into the profits when preparing company tax return forms.
Capital allowance can be claimed if assets used in business are bought. This includes:
Other reliefs include:
On 16 March 2017, the Home Office has released a Statement of Changes to the Immigration Rules. These new changes will affect those applications that need to have a Certificate of Sponsorship and these changes will be in effect on 06 April 2017.
What you should know about European visas after Article 50. The UK Prime Minister Theresa May has so far not changed her mind in regards to the plans of triggering Article 50 before the end of March 2017.
For international students who wish to remain in the UK longer or would like to eventually settle. There are options to choose from, granted you are willing to stay.
As of 16 January 2017 the Prime Minister of the United Kingdom, Theresa May, has given hints that the UK is moving towards a hard Brexit. Although Theresa May insists EU citizens are ‘welcome’ to be in the UK, she cannot guarantee the right of EU citizens in the UK at an early stage. These are troubling news for Europeans and British Citizens currently living and working in the UK.
As of 24 March 2016, the UK government has announced new changes to Tier 2 type visas. This is the migration route for those who have a confirmed job offer to undertake skilled employment in the UK.
The UK government has recently introduced a significant amount of changes to immigration rules and procedures that can influence nationals of European Economic Area. These changes will come into force on the 1st February 2017, however, some changes are happening now.
A new Statement of Changes to the Immigration Rules HC667 has been laid down on the 3rd November 2016. These changes come in a whopping 90 pages however, most changes are in the language itself rather than effect. The significant changes include the increase of the minimum salary requirement of Tier 2 skilled workers; the introduction of a fresh English language requirement for family immigration regarding to Tier 4 visa and the removal of the previous 28 days’ grace period for making out of time immigration applications.