Corporation Tax

Rates

The corporation tax rates for small and large companies was aligned at 20% from April 2015. This removed the need for the associated companies rule and the marginal rate of corporation tax was also abolished. The rates for the three financial years to 31 March 2021 are as follows:

Year beginning 1 April: 2018 2019 2020
19% 19% 17%

Research and Development (R&D)

Small and medium (SME) companies can claim enhanced deductions for expenditure on R&D projects at 230% of qualifying expenditure. Where the deduction is claimed and the company makes a loss, it can claim a cash credit from HMRC of 14.5% of that loss.

Research and Development Expenditure Credit (RDEC) scheme

Large companies can claim an 11% uplift on the following qualifying expenditure:

RDEC differs from the previous R&D scheme for large companies as it is an 'above the line' tax credit and can be accounted for in the profit/loss statement.

Enterprise Zones

Around 53 enterprise zones have been formed around the country to encourage investment and job formation. Businesses in some of those zones can claim 100% capital allowances on the equipment they use within the zone. The period for which those 100% allowance are available has been extended by three years to 31 March 2020.

See our helpsheet an introduction to capital gains tax.

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FAIR FEE POLICY. We believe you should always be in control of your fees with no surprises. You are entitled to a competitive fixed quote for agreed services, which is exactly what we charge, not a penny more. Most clients choose this option although if you prefer to pay an hourly rate we can arrange that too.

To receive a fixed quote for your specific circumstances either arrange a Free No Obligation Consultation or submit the form below. The form is designed for most of the routine accountancy services. If you require something more specialist, please contact us directly. If necessary we will contact you for further information.

If you are a new start up business, please use estimates. Full quotes are provided within 2 working days.

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