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News – 18.11.24
International Men's Day - breaking the silence around men's mental health
International Men's Day - breaking the silence around men's mental health … Read more
Insight – 20.11.24
A change in US Presidency: How might it affect your finances?
In this article, we explore the potential economic and financial impacts of Donald Trump's return to power. … Read more
Upcoming event – 10.12.24
Funding innovation in the technology sector: Are the government doing enough?
Join us for an exclusive roundtable breakfast to explore the question of whether the government are doing enough to support innovation in the technology sector. … Read more
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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.
