Creative Tax Reliefs

Did you know that there are tax reliefs that can be accessed by companies working within the UK’s creative and cultural sector?

Is incorporation right for your business?

Over the last decade, corporation tax rates for most companies, irrespective of size, have fluctuated between 19% and 21%. The main rate of corporation tax is expected to be cut to 17% from April 2020 which makes business incorporation an attractive proposition. 

Director’s salary or bonus?

It’s worth considering, given current tax rates, whether to pay a dividend rather than a salary to Directors. It will often be a more cost-effective way of withdrawing profits from a company.

Save tax with timing of dividends

Timing the date of a dividend payment from a company can determine both the amount and the due date of the tax payable. This may be a particularly useful strategy in a close or family-owned company.

Closing a business

A member’s voluntary liquidation (MVL) can be an attractive option when the taxpayer’s personal circumstances are such that it is beneficial for the remaining funds to be taxed as capital (and liable to capital gains tax), rather than as a dividend. However this depends upon the level of funds to be extracted the costs of the liquidation may be more than covered by the tax savings that can be achieved.

How to apply the diesel supplement

Employees with a company car are taxed – often quite heavily – for the privilege. The charge is on the benefit which the employee derives from being able to use their company car for private journeys. The rates are different if it’s a diesel car.

Tax benefits of electric cars

As part of its efforts to encourage us all to choose more environmentally friendly ways to travel the Government has put in place some beneficial tax arrangements for users of electric cars.

Simplified expenses for smaller businesses

Some small businesses can choose to use the ‘cash basis’ when calculating taxable income, under which participants are taxed on the basis of the cash that passes through their books, rather than being asked to undertake complex and time-consuming calculations designed for big businesses.


Call us on 0115 778 8533 for a free consultation.

  • This field is for validation purposes and should be left unchanged.