Businesses of all sizes need to pay some form of tax on their incomes in the UK. Corporation tax applies to all profits your business makes from its operations. This also includes profits made from the sale of assets and income from investments. 

Tax liabilities can become complicated when there are various income sources involved. Tax reliefs and allowances are constantly changing, and can have a serious impact on your corporation tax liability. 

Praxis can process your accounts, considering all income sources and applicable allowances and reliefs to optimise your tax. Our clients include sole traders, partnerships, and limited companies. Our services include:

• Corporation tax calculation and filing
• Minimising tax liability using reliefs, allowances, and credits.
• Representation and advice in the event of HMRC investigations.

Corporation tax reliefs and incentives

Your business is unique in terms of the tax allowances and reliefs it can qualify for. UK tax legislation is an ever-changing environment that has many options to choose from. Tax advisors at Praxis are highly experienced in all manners of tax reliefs and allowances, and we can create a custom tax solution for your business. 

Corporation tax on sale of business assets

Company taxes are due if you make a profit when selling any business assets. These may include equipment, land, or other related items. This is called a corporation tax on chargeable gains and is paid by UK limited companies as well as foreign companies with UK branches. You must report any gains when filing your corporation tax return with HMRC. This tax is directly affected by all the reliefs and allowances your business claims. 

Tax advisors at Praxis can assist you with working out the corporation tax you have to pay. We will check for all allowances and reliefs your business can utilise, reducing your overall tax bill as much as possible. 

Tax credits on research and development

Research and development tax credits are one of the best ways of reducing a business’s tax liability. If any of your business’s projects qualify, you may become eligible for tax relief. These tax credits can be claimed for the previous two years, and it’s even possible to claim R&D tax credits on projects that may not have been successful.