When you start a business, you will need to incur costs before you are able to start trading. Did you know that you are able to claim tax relief for pre-trading expenses?
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To help companies realising losses as a result of the Covid-19 pandemic, the loss relief rules were amended to provide for an extended carry-back window. Where companies are making a claim for relief under the extended carry-back rules, the claim can be made online rather than waiting until the company tax return is filed.
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Businesses become companies for a variety of reasons.  Not so long ago it was mainly as a tax planning tool but increasingly the differences in tax rates between the self-employed and a company mean that unless the profit is in excess of approximately £50,000 the increased administration involved with a company may not make it worthwhile to incorporate purely for tax savings.
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