Corporation Tax Services
Company Tax | Accounts
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Corporation Tax is a tax imposed on a company net income. The tax was first unveiled in 1965, and as a result, Corporation Tax Self Assessment (CTSA) was announced in 1999 following the successful introduction of Income Tax Self Assessment. Corporation Tax usually applies to profits generated by limited companies, members’ clubs and trade and housing associations. However, large companies must pay their corporation tax in four quarterly instalment payments under corporation tax. Therefore, these obligations are based on the company’s approximate of its present year tax liability.
All companies, whether large or small, within the law, have to keep all company records for at least six years. These documents include all receipts, invoices, workings and tax-related paperwork. For instance, this data can also be stored in electronic formats, such as scans, provided they are easy to read. To discuss your corporation tax liability, call our office for advice.
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You pay Corporation Tax at the rates that were in effect during your close of the financial year of a limited company. Profits of companies involved in oil extraction in the UK are taxed at different rates.
To calculate your small business Corporation Tax, you would need some knowledge in accounting, along with correct bookkeeping. You will also need to understand what tax reliefs your small business can take advantage of, which helps decrease the amount of Corporation Tax. It’s always best to seek expert assistance from a business accountant to check your corporation tax return.
HMRC provides several methods to pay Corporation Tax, and it is worth bearing in mind the due date of when you must pay. If you miss out on a deadline, you will be liable for interest payments. However, if you choose to pay your Corporation Tax ahead of time, HMRC will pay interest to your company.
If you have calculated your company tax and do not owe Corporation Tax, you must tell HMRC that you have no tax to pay – you must not suppose that you need not inform HMRC because you do not have anything to pay.
You need to do Corporation Tax payment nine months and one day after the end of the accounting period using the Corporation Tax reference number. Daily interest is charged after this date.
If you need calculations, you can call our office, talk to one of our accountants, and book an appointment. Normally we will respond to you within 24 hours.
Corporation tax can be reduced by utilising reliefs available to business. For example, a business can claim R & D tax credits, investment in equipment, Patent Box tax relief, Creative industries relief, Share schemes etc.
You can revise your tax returns if there is a major difference between disclosed and actual liability. In case of small differences and if there is no loo to revenue, adjustments can be made in the current year and explained in notes to the accounts.