It is a common misconception that any gross payment status subcontractors can be omitted from your CIS returns.
Could you avoid tax on your company vans?
Many companies are missing out on Research & Development tax incentives. The term ‘Research & Development’ (R&D) has a much wider definition than many people think and you might well be eligible for tax benefits and not even realise it!
If you use your own car for business purposes, excluding usual commuting, you should keep a log of miles undertaken so that you can claim tax free expenses back from your company, which in turn gets corporation tax relief on the payments.
The new Patent Box allows companies to apply for an effective 10% corporation tax rate on profits on patented inventions from 1 April 2013.
At first glance this may appear a somewhat silly question. However, when it comes to claiming a tax allowance which is based on a property being furnished, an understanding of how much furniture is required to satisfy the “furnished” test is important.