Allowances and reliefs
You can deduct the costs of running your business from your profits before tax when you prepare your company’s accounts.
Anything you or your employees get personal use from must be treated as a benefit.
Some expenses are not allowed for Corporation Tax, for example entertaining clients - add these back to your profits when you prepare your Company Tax Return.
Claim capital allowances if you buy assets that you keep to use in your business, for example:
- business vehicles, for example cars, vans, lorries
You may be able to make a claim for:
- Research and Development (R&D) Relief
- The Patent Box if your company makes a profit from patented inventions
- reliefs for creative industries (CITR) if your company makes a profit from theatre, film, television, animation or video games
- relief on goodwill and other relevant assets, such as customer relationships and unregistered trade marks
- Disincorporation Relief if you’re closing your company and becoming a sole trader, ordinary business partnership or limited partnership
- terminal, capital and property income losses
- trading losses
You can only claim Marginal Relief if your company had profits between £300,000 and £1.5 million that were either:
- from before 1 April 2015
- from oil rights or extraction in the UK or UK continental shelf