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News – 19.12.24
Buzzacott advises Rose Street Partners on its investment in Kenwood Damp Proofing PLC
Discover how Buzzacott supported Rose Street Partners on its investment in Kenwood Damp Proofing PLC … Read more
Insight – 18.12.24
Start-up guide: Everything you need to know about Tronc schemes to set your new hospitality business up for success
One challenge for new hospitality businesses is the management of tips and service charges. … Read more
Upcoming event – 16.01.25
VAT on Private School fees training
This in-depth, interactive training seminar is designed to provide school administrators, bursars, finance officers, accountants, and trustees with tailored support and expert insights on the practical implementation of VAT. … Read more
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enquiries@buzzacott.co.uk T +44 (0)20 7556 1200
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Since 2014 the large and very large profit limits for QIPs have been divided based on the number of related 51% group companies (broadly, the number of companies directly or indirectly linked by at least 51% control).
However, from 1st April 2023 the limits for QIPs are divided by the number of ‘associated companies’ (broadly, companies under common control even if they are not in a group). This increases the possibility of companies falling within the QIPs regime, which will result in bringing forward the corporation tax payment dates for those companies by several months. This change was introduced alongside an increase in the main rate of corporation tax from 19% to 25%.
HMRC have continued to increase the interest rates charged on late and underpaid tax payments in line with the Bank of England’s base rate of interest. It is therefore even more important now to make sure that the correct amount of tax is paid on time to avoid higher interest charges.
If you would like to understand more about the associated company rules and how these will impact your company, please fill in the form below and one of our experts will be in touch.
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