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

x

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.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Staff Spotlight: Charlotte Hughes, Accounts Junior

This month we spoke to Charlotte Hughes, Accounts Junior at The Accountancy Partnership! Give an overview of the duties, functions and responsibilities…

Read More

Staff Spotlight: Rebecca Boyd, Accounts Junior

This month we spoke to Rebecca Boyd, Accounts Junior at The Accountancy Partnership! Give an overview of the duties, functions and responsibilities…

Read More

February 2024 Client of the Month: CHERESHNIVSKA

This month we spoke to Iryna, CEO and Founder of CHERESHNIVSKA!  CHERESHNIVSKA | Instagram | Facebook Hey Iryna! Tell us about your business CHERESHNIVSKA…

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.

Bookkeeping

You will receive our bookkeeping software Pandle for free, as part of your package.

You can use this to complete your own bookkeeping, or we can provide a quote to complete your bookkeeping for you.

Please select and option below:

I will do my own bookkeeping
I want you to do my bookkeeping

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