10 ways to reduce your Corporation Tax bill

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No company wants to pay too much tax. Right? Of course not, but just how do you avoid it? Watch this week’s episode of Whiteboard Thursday, and find out 10 ways to reduce your Corporation Tax bill - and avoid paying unnecessary tax.
Our blog article 10 ways to reduce your Corporation Tax bill: www.1stformati...
If you want to learn more about Corporation Tax you can also check: www.1stformati...
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#CorporationTax #UKCompany #TaxSaving

Опубликовано:

30 сен 2024

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Комментарии : 86

@johncarpenter8651 3 года назад

Thanks for the video. Some great tips, can I claim back on previous tax years if I forgot to file for these expenses with my Corporation Tax return at the time?

@1stformations 3 года назад

Hi John, thanks so much for leaving us a comment! You can indeed, but you must claim within 4 years of the end of the tax year that you spent the money. We can include a free referral to our partner accountant for you, who will assist you with this.

@lauram4848 3 года назад

Nice video Nick, some very useful information in there!

@1stformations 3 года назад

Thank you Laura. What would you like to see us cover next?

@tayahbarnett1758 3 года назад

Such a great video. This was exactly what I needed to hear as I have been struggling! Thank you.

@1stformations 3 года назад

Thank you for your comment. Sorry to hear you have been struggling. Are there any other topics you would like us to cover?

@SOAMBITIOUSDOM 2 года назад

@bryanlopez8067 3 года назад

Great video - loads of information as usual.

@1stformations 3 года назад

Glad you enjoyed it Bryan! What's your favourite video so far?

@samb3151 3 года назад

The small business personal filing on things that probably will not qualify information really helpful!

@1stformations 3 года назад

We are glad you found this helpful. Do you have any suggestions for future videos?

@claudiasocratous9189 3 года назад

Thank you for this great video Nick. I really needed to see this!

@1stformations 3 года назад

Thank you for your kind comments, Claudia! We are glad you enjoyed it. Is there anything else you would like us to cover?

@darkdancer1983 3 года назад

Incredibly useful as always. Thanks for sharing your knowledge 🙏🏼

@1stformations 3 года назад

Hey Peter, thank you for your feedback! What would you like to see us cover in the future?

@littlemissfavored 3 года назад

Great video thank you!

@1stformations 3 года назад

Thank you Techie, we are glad you enjoyed this video. What would you like to see us cover next?

@Iliketrainsbrooooom 3 года назад

The creatrive industry tax relief is crazy! I didn't know that at all!!! well done you guys!

@1stformations 3 года назад

Thank you Tommaso, the creative industry can be competitive enough as it is so we are always delighted to provide some extra insight on how to save come tax return time.

@fatimamatar9534 3 года назад

Thanks Nick! Absolutely love your videos - very succinct and offer clarity in areas that were otherwise a mystery to me!

@1stformations 3 года назад

Thank you for your kind words Fatima, our Nick is somewhat of a wizz with all Company Secretarial matters. What would you like us to cover next?

@annalisemaguire9630 3 года назад

Nice work Nick. Thanks for confirming the lesser known tax deductible expenses - it will help a lot.

@1stformations 3 года назад

Thank you Annalise, which of these do you think will have the greatest impact on your tax bill?

@hawkdene123 3 года назад

Amazing video again 1st Formations! Keep it up 👍🏻

@1stformations 3 года назад

Thank you James, what would you like to see us cover next?

@SocialMediaExecutiveLtd 3 года назад

Really useful thanks. I recently went limited and didn't know about this, unfortunately my accountant didn't tell me and my first tax bill was a lot larger than it should have been!

@1stformations 3 года назад

Thank you for your kind feedback! We are glad that you found this useful. Is there anything else you would like us to cover?

@mohammedi5589 2 года назад

Do UK Non Resident company have to pay 20% Corporate Tax regardless that income is from UK or Worldwide Since April 2021 ?

@1stformations 2 года назад

Hi Mohammed. The Corporation Tax rate in the UK is 19%, and that will be charged on all taxable profits for a UK limited company. This blog article may be of use to you: www.1stformations.co.uk/blog/form-uk-company-pay-tax-in-uk-and-own-country/. Does your company have permanent branches overseas?

@bhaveshchudasama6543 2 года назад

How much is the untaxable profits for the private limited company, Before the actual corporation tax is calculated I mean the exemption

@1stformations 2 года назад

Hi Bhavesh - are you asking if there is an allowance prior to Corporation Tax being deducted, or if some of the profits are untaxable?

@graemedonnelly2039 3 года назад

This an excellent video and hugely useful. I am going to ask my accountant for details of my last Corporation Tax calculation to find out if all possible tax deductions were made. I would also be interested to find out the answer to the question below re- claiming back expenses that were not claimed in previous years. Great presentation Nick...

@1stformations 3 года назад

Thank you Graeme! We are glad you found this video of great value. I highly recommend speaking with your accountant to confirm this information about tax deductions. In regard to your question, you can indeed claim back expenses that were not claimed in previous years, but you must claim within 4 years of the end of the tax year that you spent the money. I hope this helps. What else would you like to see from our channel?

@graemedonnelly2039 3 года назад

@@1stformations Thank you for your kind response. This is great news. I will now be able to check on the last 3 accounting years. I can see I am going to be popular with my accountant. With regards to future topics, I would suggest something on company addresses as there tends to be a lot of confusion around them. Thanks again to the Team at 1st Formations for your continued business support and advice.

@1stformations 3 года назад

@@graemedonnelly2039 thank you for your suggestion; duly noted. Keep your eyes peeled for the next video!

@polly5273 3 года назад

As always, thank you for the very useful information. Will take this on board, as I am sure it will massively help in the future

@1stformations 3 года назад

Thank you Polly, we're always delighted to hear that we can help people with their businesses. Is there anything else you would like us to cover regarding Corporation Tax?

@MNAhmed-ve2ot 3 года назад

A great insight into tax deductions! I feel not a lot of business owners know this and it’s such an essential topic, so thank you for this video 😊

@1stformations 3 года назад

No problem at all! Is there any other topics that you would like covered in our next video?

@DP-bo4yw 3 года назад

Investing in pension is also a great way to reduce corp tax. Dont think it was mentioned.

@1stformations 3 года назад

Thank you! I am sure this extra information will help many people.

@marianneoraw6886 3 года назад

This was such a useful video! I had no idea that you could claim for expenses such as eye tests and bicycle mileage! This will be so helpful for lots of businesses 👍🏻

@1stformations 3 года назад

We are happy you found this video helpful. Would you find it helpful if we covered other taxes related to business?

@1stformations 3 года назад

Thank you Marianne, we're glad you found the information useful. Always delighted to share some lesser-known tips to help alleviate the tax burdens for SMEs :)

@ctitochibi Год назад

I’m learning so much from these videos

@1stformations Год назад

Glad to hear it. What has been the main thing you have learnt?

@sabakebede6056 3 года назад

Useful info - thank you for yet another great vid :)

@1stformations 3 года назад

Glad it was helpful, Saba!

@colleenmckenna2108 3 года назад

Had no idea business rates were tax deductible. Awesome!

@1stformations 3 года назад

Thank you for your kind words, Colleen! We are glad that you found this useful. Is there anything else you would like us to cover?

@ameliafrench3440 3 года назад

Awesome video, so many ways that I didnt know about!

@1stformations 3 года назад

Thank you for your feedback, Amelia! We are glad you learned something from this video. What else would you like to see from Whiteboard Thursday?

@scrqmblr7422 3 года назад

Does this apply to non uk residents as well with their Ltd?

@1stformations 3 года назад

Yes, this video applies to UK-based companies, regardless of their owners' residency status!

@abbieoneill9133 3 года назад

Very helpful, thank you for this! :)

@1stformations 3 года назад

Thanks for your kind comment Abbie - are there any other topics you would like us to cover?

@anguspark2053 3 года назад

Finally, I understand business rates and the relief available!

@1stformations 3 года назад

Thank you for your kind feedback, Angus! Is there anything else you would like us to cover?

@kreisitsela2874 3 года назад

All I need to know on how to reduce my corporation tax in one video, thank you Nick for another amazing video!!

@1stformations 3 года назад

Thank you Kreisi, we're glad you found the video useful. What would you like us to cover next?

@adamthomsett1569 3 года назад

Really enjoyed this one. Useful info. ta

@1stformations 3 года назад

Thank you for your kind feedback, Adam! We are glad you enjoyed this. Is there anything else you would like us to cover?

@jessicagiuffre9761 3 года назад

Very great tips here👌🏼 thanks nick!

@1stformations 3 года назад

We are glad you got some great tips from this Whiteboard Thursday video, Jessica. What other tips would you like from us?

@itspolina 3 года назад

Wonderful, thank you. ☺️

@1stformations 3 года назад

You are very welcome. We are glad you enjoyed this weeks Whiteboard Thursday. Is there anything else you would like to see in the upcoming videos?

@amarapindrews3214 3 года назад

Great! Does this info work for the USA IRS form 1120?

@1stformations 3 года назад

We are glad you enjoyed this video Amara. In regard to USA regulations, you'd need to speak with an accountant versed in USA tax law as we can only advise on UK company formation matters. What other topics would you like to see from our whiteboard Thursdays?

@amarapindrews3214 3 года назад

@@1stformations Thanks for your response! I will still watch and like because I appreciate you!

@gracekanu8102 3 года назад

Great video and Great tips 👌

@1stformations 3 года назад

Glad you enjoyed the video, Grace! Which tip did you find the most helpful?

@andrewross3622 3 года назад

I was just discussing exactly this with my business partner last week. Answers a lot of questions we had. Glad I subscribed to you guys. :)

@1stformations 3 года назад

Hi Andrew, we are glad you found great value and answers from this video. Thank you for your kind feedback. Are there are any other topics you and your business partner may want to hear about on our channel?

@ninawaller615 Год назад

Had never thought of some of these points! Thanks for the great content

@itspolina 3 года назад

👍🏼👍🏼👍🏼

@1stformations 3 года назад

I am glad you liked our video! Were you aware of these options to reduce your Tax bill?

@margaretcoupland3147 3 года назад

Great to hear about the lesser know deductible items, really useful information, thanks.

@1stformations 3 года назад

Thank you Margaret, glad you found this helpful. What area of running your business do you find most challenging, so that we might offer some tips in future videos?

@rakheepatel9815 3 года назад

I had never heard of the Patent Box scheme before now, thank you Nick, very useful :)

@1stformations 3 года назад

Thank you for your comment Rakhee, we're delighted that you found the information useful. Is there any particular topic you'd like to see us cover next?

@DP-bo4yw 3 года назад

Excellent video.

@1stformations 3 года назад

Thank you for your feedback, we really appreciate this. Do you currently own your own limited company?

@DP-bo4yw 3 года назад

@@1stformations I do yes. I like how your videos have covered all those topics that most others youtube videos do not cover e.g company address, add and removing directors etc.

@1stformations 3 года назад

@@DP-bo4yw We are glad you are finding these useful. Be sure to subscribe and turn on your bell notifications for updates!