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The rate at which a company pays corporation tax depends on the level of its taxable profits. Where a company’s profits are below the lower profits limit, corporation tax is charged on all profits at the rate of 19% and where a company’s profits are more than the upper profits limit, they are all taxed at the rate of 25%. However, where the profit falls between these limits, corporation tax is charged at the rate of 25% and reduced by marginal relief. The effect of this is to

The Sunday Times ’ property supplement has recently highlighted cases of homeowners who have extended their properties and been caught out by the community infrastructure levy (CIL, dubbed the ‘extension tax’) and been left with large and unexpected bills. We take a look at the nature of the CIL and explain when it applies and when exemptions are available. Nature of the CIL The CIL is a charge that can be levied by local authorities on new development in their area. The aim

Should any taxpayer find they are struggling to pay their tax bills by the usual deadlines, there are official ways to spread the payments. How such payments are made depends upon the type of tax owing, the amount outstanding and whether the taxpayer is employed, self-employed or a company. Regardless of the plan undertaken, interest charges will accrue, although penalties are typically not levied. Time to Pay (TTP) scheme HMRC’s most recently published Annual Report and Acco