Corporate Tax

Allowable Expenses for Corporation Tax

in Corporate Tax

Tax deductible expenses Tax Saving Strategies, Taxation Keeping records is a must for accurate assessment of your expenses – therefore saving you tax. You should start keeping all business related expenditures invoices and receipts before you start trading as most of them will be deductible. Besides the general deductible expenses, the ones below should be claimed; Training […]

Director’s Loan Account Traps

in Corporate Tax

Directors’ loan account traps Tax Planning, Tax Saving Strategies, Taxation The general rule As a general rule, the ‘Loans to Participators’ provisions of CTA 2010, Pt 10, Ch. 3 imposes a 25% tax charge on close companies in respect of overdrawn directors’ loan account to the extent that the loan is not repaid within 9 months after the end of the […]