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Welcome news for companies who pay tax by quarterly instalments

Welcome news for companies who pay tax by quarterly instalments

Changes are being introduced for companies who are required to pay their corporation tax by quarterly instalments rather than once a year.

 Historically, companies had to consider how many associated companies they had when deciding if they were required to pay by instalments.

 Now HMRC are simplifying this test.

 From April 2015, a company will more simply be required to pay by instalments if its taxable profits are greater than £1,500,000 divided by one plus the total number of its 51% subsidiaries.

 We will await further detail but the promise of a simplified approach is very welcome.

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