Corporation Tax and Capital Allowances: Claiming Full Expensing & AIA For UK companies, capital allowances allow businesses to deduct capital expenditure from taxable profits — reducing their Corporation Tax bill. Plant & Machinery:Business-use assets such as machinery, tools, computers, vehicles, and certain fixtures. These typically qualify for capital allowances like AIA and Full Expensing. What […]
The penalties will double for companies submitting a Corporation Tax return late from 1st April 2026. This will be legislated for in Finance Bill 2025-26. Late filing penalties were first implemented in 1998 to promote timely submission of corporation tax returns. However, inflation has reduced their real value over time, weakening their original deterrent effect. […]