Blog / Corporation tax
Corporation tax for UK companies: rates, losses and cash
Corporation tax rates, losses, cash in the company and what reduces the bill, explained for UK company owners by Simon Jacobs, Chartered Tax Adviser.
Made a loss? You can carry it back and reclaim the corporation tax you already paid
Made a loss this year? A trading loss can be carried back against the previous 12 months of profit, so corporation tax you have already paid can come back to you as cash.
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Profitable on paper, empty in the bank: where did your agency's cash go?
An invoice becomes income the day you raise it, not the day it clears. Which means you can owe tax on money that is still sitting in a client's account.
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Can you close your agency, take the cash, and start again?
Shutting the old company, leaving the tax bill behind and reopening under a new name is a plan HMRC has already legislated against. Here is what actually happens if you try it.
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Does your company pay corporation tax on dividends it receives?
Dividends received by a UK company, from the UK or overseas, are usually exempt from corporation tax. Receive £50,000 and the company can usually keep £50,000, with a few exceptions worth knowing.
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