What are Corporation Tax Reliefs in UK?
What are Corporation Tax Reliefs in UK?
Limited Companies registered with Companies house pay Corporation Tax to HMRC in the UK. This article will tell you about some helpful Corporation Tax Reliefs in UK.
Basically, this Tax is about 19% of their annual profits. However, there are certain tax reliefs and allowances that can reduce the overall value of the tax returns. This makes companies and businesses wonder “What are Corporation Tax Reliefs in the United Kingdom?”The following Corporation Tax Reliefs can be availed depending upon your Company’s eligibility:
Research and Development Relief
Generally, the Companies that work on innovative projects in the fields of science and technology are eligible for the Research and Development Relief. You may visit the official website of UK Government to check if you are eligible for the relief or not.
The Patent Box
Patented Inventions and Innovative incorporations can help you save in taxes through the Patent Box. This discount on the corporation tax is only allowed on the profits earned from patented inventions. If you have any patented innovative inventions, you may push you case forward for the Patent Box.
Creative Industry Tax Reliefs
If your company operates in the Creative Industry, the claim for Creative Industry Tax relief can be made. This results in larger deductions from Tax payments and offers your greater profits.
Disincorporation Relief
The disincorporation Tax relief is applicable and allowed on the transfer of the company assets to the shareholders. This means that the disposal of the assets to the shareholders can occur without any additional taxes.
Goodwill and Relevant Assets Relief:
The UK Law allows the companies to avail some relief on the assets of Goodwill and Relevant Assets. However, These reliefs are applicable only on particular purchases.
Trading Losses:
This relief can often be greatly helpful for companies and businesses, as it covers their trading losses. Moreover, these also cover the losses caused by sales or disposal of assets. For further details, you may visit the official website of the United Kingdom government that guides you about this particular form of relief.
Moreover, If you are looking to form a limited company in the United Kingdom, you must be aware of these reliefs that your limited Companies can avail of under the UK laws.
For more help, support, and guidance, you may contact Company Formation Services like Liscard Business Centre. Accordingly, it helps you in setting up companies in the United Kingdom. Also, it helps you in minimizing the tax payments.
Liscard Business Centre.
Liscard Business Centre is a company formation service that offers different packages for company formation in the UK. If you want to register your businesses anywhere in the UK (that includes England, Scotland, Wales, and Northern Ireland), Liscard Business Centre would love to help. We can help you in forming your companies in much shorter periods of time while also saving you considerable sums of money.
Additionally, Registration, Documents Verification, Banking Details, Statements of Association, and Official Addresses are all managed by Liscard Business Centre.
