by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, UK Tax
Accounting › Country Tax Guides › UK Tax ⚡ TL;DRCompanies reduce taxable profit by deducting allowable expenses (incurred wholly and exclusively for the trade) and claiming capital allowances on assets. The Annual Investment Allowance gives 100% relief...
by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, UK Tax
Accounting › Country Tax Guides › UK Tax ⚡ TL;DRUK R&D tax relief was overhauled in April 2024 into a single ‘merged scheme’ giving a 20% above-the-line expenditure credit — worth around 15% net for main-rate companies. Loss-making...
by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, UK Tax
Accounting › Country Tax Guides › UK Tax ⚡ TL;DRUK corporation tax has two rates for 2025/26: 19% on profits up to £50,000 and 25% on profits over £250,000. Profits in between attract marginal relief, creating an effective marginal rate of 26.5% in that...
by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, UK Tax
Accounting › Country Tax Guides › UK Tax ⚡ TL;DRNot everything carries 20% VAT. The UK applies a 5% reduced rate to items like domestic energy, zero-rates essentials such as most food, books and children’s clothing, and exempts services like...
by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, UK Tax
Accounting › Country Tax Guides › UK Tax ⚡ TL;DRVAT-registered businesses can reclaim the input VAT they pay on goods and services bought for the business, offsetting it against the output VAT they charge customers. But some VAT is ‘blocked’...
by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, UK Tax
Accounting › Country Tax Guides › UK Tax ⚡ TL;DRMaking Tax Digital (MTD) for VAT requires all VAT-registered businesses to keep digital records and file returns through HMRC-compatible software, with no manual typing into the old portal. Digital links...
