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News – 10.04.24
Form PF: Are you up to speed with the latest developments?
Through this insight we will bring to your attention the main changes in a bitesize manner so that you can stay abreast of the requirements as they may apply to your firm. … Read more
Insight
Tax relief on heritage assets: Am I eligible?
For assets considered to be of national heritage, relief from Capital Gains Tax and Inheritance Tax is available. … Read more
Upcoming event – 29.04.24
Governance code updates and advice for Further Education colleges from Buzzacott and the ESFA
Join Buzzacott and the ESFA for a governance update for further education colleges … Read more
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Since 2014 the large and very large profit limits for QIPs have been divided based on the number of related 51% group companies (broadly, the number of companies directly or indirectly linked by at least 51% control).
However, from 1st April 2023 the limits for QIPs are divided by the number of ‘associated companies’ (broadly, companies under common control even if they are not in a group). This increases the possibility of companies falling within the QIPs regime, which will result in bringing forward the corporation tax payment dates for those companies by several months. This change was introduced alongside an increase in the main rate of corporation tax from 19% to 25%.
HMRC have continued to increase the interest rates charged on late and underpaid tax payments in line with the Bank of England’s base rate of interest. It is therefore even more important now to make sure that the correct amount of tax is paid on time to avoid higher interest charges.
If you would like to understand more about the associated company rules and how these will impact your company, please fill in the form below and one of our experts will be in touch.
