Starting a new business? Get 40% off our accountancy services for 3 months! 😀


Further anger towards the banks has been provoked by the admission by Lloyds Banking Group that they won’t pay corporation tax until their profits hit £15bn. This is made possible by the bank being able to write off deferred losses against the bank’s profits. Although there is a time limit to defer the losses, it will be at least three years before the bank, which is partly owned by the state, has to pay corporation tax.

This news follows the announcement by Barclays bank, that they had only paid £113m in 2009, although they had made £11.6bn. Again, the bank wrote off losses in order to reduce its tax bill in the United Kingdom. The former Liberal Democrat treasury spokesman, Lord Oakeshott, criticised the actions of Lloyds bank, stating that taxpayers have to pay more tax as a result of the bank’s paying less.

Lloyds have announced a profit before tax of £2.2bn for 2010, but won’t pay corporation tax as they have losses on their balance sheet which will be set against the profits. Royal Bank of Scotland has also declared a loss of £1.1bn for 2010, as they have deferred tax assets that can be written off against future tax liabilities.

Limited company taxation is complicated and to make sure that you are only paying the tax that you should, a small business accountancy or online accountants will deal with the company taxation for you. Outsourcing your administration will ensure that you maximise revenue, while staying within the relevant legislation.

Inline Feedbacks
View all comments

Read more posts...

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.


You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?


Call us on 020 3355 4047 if you’re not sure.