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The ‘IR35’ rules are designed to prevent the avoidance of tax and national insurance
contributions (NICs) through the use of personal service companies and partnerships.
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Corporation Tax Self Assessment (CTSA) was introduced in 1999. It completed the
self assessment reforms introduced for individuals some years earlier by extending
the principles of self assessment to company tax returns.
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Under corporation tax self assessment large companies are required to pay their
corporation tax in four quarterly instalment payments. These payments are based
on the company’s estimate of its current year tax liability.
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Due to the ever changing tax legislation and commercial factors affecting your company,
it is advisable to carry out an annual review of your company's tax position. Topics
covered: corporation tax, capital allowances, dividends, capital gains tax.
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The issue of whether to run your business as a company or a sole trade or partnership
is an important decision. In tax terms, due to the cumulative effect of changes
to the tax system over the last five years, there can be significant tax savings
if a business is incorporated.
Topics covered: corporation tax, stakeholder pensions, capital gains tax, income
tax, stamp duty land tax.
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Franchising is becoming increasingly popular in Britain with an annual turnover
of over £9.5 billion and over 700 franchised brands. The business community now
takes franchising very seriously and it is accepted across a range of sectors.
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The Construction Industry Scheme (CIS) sets out special rules for tax and national
insurance (NI) for those working in the construction industry.
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The cost of purchasing capital equipment in a business is not a tax deductible expense.
However tax relief is available on certain capital expenditure in the form of capital
allowances.