Creative sector tax reliefs: television tax relief

12.01.24

Television Tax Relief (TTR) may be available to companies that produce high end television programmes, animations, or children’s television programmes. The relief can increase the amount of expenditure that is allowable as a deduction for tax purposes and, if the company makes a loss, allow some or all of that loss to be surrendered for…

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Understanding UK Theatre Tax Relief: Rates, criteria and benefits

10.01.24

Some theatre productions in the UK are eligible for Theatre Tax Relief (TTR). In case you’re unaware, Theatre Tax Relief can increase the total expenditure that is allowed as a tax deduction on specific goods or services, and if your company takes a loss, this can be surrendered for a payable tax credit. Theatre Tax…

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Creative sector tax reliefs: museums and galleries exhibition tax relief

04.01.24

A company may be eligible for Museums and Galleries Exhibition Tax Relief (MGETR) in respect of expenditure incurred on qualifying exhibitions. This relief can increase the amount of expenditure that is allowable as a deduction for tax purposes and, if the company makes a loss, allow some or all of that loss to be surrendered…

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Corporate interest restriction guide

03.01.24

The corporate interest restriction (CIR) rules set a limit on the amount of interest that UK companies and permanent establishments can deduct for UK corporation tax purposes. The rules were introduced with effect from 1 April 2017 as part of the UK’s commitment to the Organisation for Economic Co-operation and Development’s Base Erosion and Profit…

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Cash extraction for SMEs

23.08.23

Cash extraction One of the most important issues to be considered for small and medium sized companies is when and how cash should be extracted into the hands of the owners. There are many areas to consider: What are the requirements of individual shareholders in both the short and long term? How much cash should…

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Business investment relief

22.08.23

Background Most UK resident taxpayers are liable to pay UK income tax and capital gains tax on their worldwide income and gains as they arise. UK resident individuals who are not domiciled in the UK, however, may be able to make a claim to be taxed on their non-UK income and gains on the “remittance…

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Understanding the Annual Tax on Enveloped Dwellings (ATED)

22.08.23

What is the Annual Tax on Enveloped Dwellings (ATED), how is it calculated, what are your responsibilities and are there any exemptions and reliefs? We cover every aspect of this annual charge on residential property to help you understand your obligations. Introduction to the Annual Tax on Enveloped Dwellings The Annual Tax on Enveloped Dwellings…

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Enterprise Investment Scheme (EIS)

21.08.23

The Enterprise Investment Scheme is designed to help smaller higher-risk trading companies to raise finance by offering investors, who subscribe for new shares in those companies, a range of tax reliefs. How does a company qualify as an EIS company? To qualify for EIS investment, a company must meet various requirements, with the following being…

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Branch profits exemption

21.08.23

The exemption The basic rule of UK corporation tax is that a UK resident company is taxed in the UK on its worldwide profits. This includes profits of any foreign branches, with double tax relief generally being given against the UK corporation tax for any foreign tax paid on the profits of these foreign branches.…

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Investors’ relief: A guide to unlocking capital gains tax savings

17.08.23

Investors’ relief can provide capital gains tax relief for investors disposing of shares in unlisted trading companies. It is effectively a gateway for external investors to access the tax benefits available to employees and directors under business asset disposal relief (BADR). Below, we’ll tell you everything there is to know about how investors’ relief can…

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