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June 2019 questions and answers

2019-09-02T11:27:58+01:00June 24th, 2019|Categories: Questions & Answers|Tags: , , , , |

Q. If I take my staff away overnight for an off-site daytime business meeting and evening social function, will the costs be tax deductible for corporation tax purposes? A. The costs will be allowable for the company, but a benefit-in-kind will arise on the social aspect of the trip. It may be possible to obtain HMRC approval that the benefit falls within the exemption for annual parties and similar functions costing no more than £150 per attendee (if the £150 is exceeded, the whole amount is taxable as a benefit). You may wish to consider structuring the event to take [...]

Changes to company carry-forward of losses confirmed

2019-09-01T12:01:22+01:00March 22nd, 2017|Categories: Limited Company, Taxation|Tags: , , |

Initially announced at the time of the 2016 Budget and following a period of consultation, Finance Bill 2017 contains provisions to reform the tax treatment of certain types of carried-forward loss for corporation tax purposes with effect from 1 April 2017. Losses arising from 1 April 2017, when carried forward, will have increased flexibility and can be set against the total taxable profits of a company and its group members (referred to as the 'loss relaxation'). For all carried-forward losses, whenever they arose, companies will be able only to use the losses against up to 50% of profits (known [...]