Posted: Mon May 17, 2010 11:18 pm Post subject: Reducing Corporation Tax and Obtaining Credits
There are many ways to reduce corporation tax and even obtain credits Cost reduction is a holy grail for all businesses, particularly in recessionary times. So if your company pays corporation tax, are you sure youre reducing that bill to the minimum?
Devon, England, May 18, 2010 -- And if your company has made, or is making, a loss, did you know you could be entitled to cash back from HM Revenue & Customs (HMRC) in the form of corporation tax credits?
A number of valuable relief and credit schemes are available but many businesses remain unaware either of their existence or of the full potential benefits.
These schemes include:
Annual investment allowance (AIA)
Green technology relief
Zero emissions goods vehicles allowance
Research and development (R&D) allowance
Land remediation allowance
For loss making companies, corporation tax credits provide an immediate cash alternative to the creation of losses from the reliefs mentioned above for R&D, land remediation and green technology.
A credit is obtained by surrendering the losses that relate to the particular expenditure. Your company receives a cash tax repayment of up to 24.5% of the expenditure incurred, depending on factors such as the type of expenditure and extent of losses.
There are numerous opportunities to reduce your corporation tax bill. As with any activity relating to tax and tax planning, it is vital to use the best professional advice you can find and consult your advisor before making any business decisions so that you make the most of the opportunities available.
For further details, contact Francis Clark; a leading firm of Devon Accountants.
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