Corporation tax
If you are looking for a corporate tax accountant, you have come to the right place. What is corporate tax? It is a tax on company profits. It is a legal duty of a director to make sure that the company meets its corporation tax obligations. A company pays tax at a lower rate then a sole trader typcially pays on their profits.
Are you missing out on any of the following tax reliefs?
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Group relief
Own more than one company? You may be able to offset losses from entity to another and gain tax flow advantage.
Capital allowances
Capital expenditure is normally not tax deductible. Capital allowances are available to provide relief instead. The rules are complex and forever changing.
Pensions tax relief
Payments to a pension sheme on behalf of employees is tax deductible. A great way to reward eand retain staff long term.
R&D tax relief
Are you carrying out research and Development (R&D) on innovative projects in science and technology? Read more here
Creative industries relief
Creative industry tax reliefs are a group of corporation tax reliefs on industries such as film, television, animation and video games to name a few.
Capital gains tax relief
If you sell a subsidary you normally have to pay capital gains tax. The sale is tax free if you qualify for substantial shareholdings exemption.
Loss relief
Have you made a loss? There a number of options available to you. For example, selling the losses to a profit making company in the group.
Double tax relief
Has witholding tax been deducted from a payment abroad? A double tax treaty may exist to provide tax relief.
Hold over relief
Have you sold a business premises and made a profit? You might not have to pay tax right away.
Do I have to pay UK corporation tax?
All limited companies are required to submit a corporation tax return and pay tax on their profits. This tax is also commonly referred to as company tax, ltd company tax and business tax.
How do I register for corporate tax?
When you set up a limited company, HMRC are automatically notified and register a limited company for corporate tax. You will be sent a 10 digit unique tax reference.
What is the corporate tax rate?
For a single small businesses, it is currently 19%.
Can I pay corporate tax in installments?
Not if you are a small company. You must normally pay corporation tax 9 months and 1 day after your accounting year end. So for example, if your accounting period ends 31-March, you must pay the tax by 1 January the following year. (The regime for larger companies is different). The rules can become complex very quickly if you have more then 1 company.
Why don't I file the corporate tax return myself using my software?
What if I have missed the filing deadline for a UK corporate tax?
The penalty regime is harsh (unless you have a reasonable excuse)
- 1 day late - £100
- 3 months - another £100
- 6 months late - HMRC will estimate your tax bill and add a penalty of 10% on the unpaid tax
- 12 months late - another 10% on any unpaid tax
If your tax return is late 3 times in a row, the £100 penalties are increased to £500 each.
How we can help
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Optimise
Identify and advice which tax reliefs, exemptions and deferrals are available to your business
Calculate
Complete the UK tax computation and return and ensure all relevant disclosures are made correctly
Submit
File the tax return in the prescribed format with HMRC (with iXBRL tagged accounts)
Payments
Advise on tax payment dates so you are not charged penalties and/or interest
