The result of the General Election has left Teresa May and the Conservative Party clinging on to power with support from the Democratic Unionist Party (DUP) in Northern Ireland. This leads to a period of significant uncertainty for the country as the BREXIT negotiations are just about to start.
R&D tax credits allow businesses engaged in R&D projects to receive a tax deduction based on the costs incurred on the project.
There are many ways of extracting profits from your company, all with different pros and cons from a tax perspective.
To help you work out your options, we’ve come up with 5 tax-efficient methods of profit extraction.
In a bid to compete with Ireland’s 12.5% corporation tax rate, Enterprise Minister Arlene Foster has suggested lowering the rate to just 10%. According to Northern Ireland secretary Theresa Villiers, around 34,000 businesses will benefit when the power is devolved in April 2017.
The Patent Box allows companies to apply a reduced 10% rate of corporation tax rate on profits earned from their patented inventions and innovations.
With the news that HMRC may soon have powers to recover tax directly from your bank account, we offer some advice on keeping your tax bill to a minimum.