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Business Tax: Large company, Group issues

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Lucy Mangan - Menzies Accountant

Lucy Mangan – Business Tax Partner

Whether many of the UK tax rules apply to your business will be determined by a company or groups ‘size’.  As companies and groups grow additional tax considerations can come into play.  If these are missed unnecessary tax, interest and potentially penalties can arise.    

Something as simple as the date that a company/group pays its corporation tax is driven my it’s size.  In the UK there are currently three different payment regimes that a company/group can fall into which will determine the due tax for corporation tax.   

Furthermore many of the UK rules with an anti-avoidance purpose only apply when a company/group reaches a certain size, for example the UK transfer pricing rules. 

There are many different tests used to determine a company/group’s size the common ones being the turnover, gross assets and number of employees but also profit levels.   As different tests apply to different rules care should be taken to ensure these are reviewed regularly.

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