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Company Accountants

CALCULATE CORPORATION TAX ACCURATELY

Corporation Tax is a tax imposed on company net income. The tax was first unveiled in 1965 and Corporation Tax Self Assessment (CTSA) was announced in 1999 following the successful introduction of Income Tax Self Assessment. Corporation Tax usually applies to profits that is generated by limited companies, members’ clubs and to trade and housing associations. Under corporation tax large companies are required to pay their corporation tax in four quarterly installment payments. 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. These data can be stored in electronic format, such as scans, provided they are easy to read. To discuss your corporation tax liability call our office for advice. 

FAQ

We Are Here To Help You With Any Questions You May Have

Normal accounting is focused on reporting profit or loss of the business and will be governed by GAAP. But Tax accounting is majorly focused on the impact of transactions on tax liability. 

Every business including sole traders, partnerships, limited companies and large business will plan for their taxes and make amendments to financial statements and include any past or future tax liabilities through tax accounting entries. 

Tax accounting enables and empowers business to comply with tax law and prepare for any future tax liability. Tax Accounting is part of accounting which will be governed by the laws of taxes in that jurisdiction.

Apart from tax compliance, tax accounting will help you generate cash flow in real terms. Any future tax liability will be added to cash flow of business in order to save money for future tax payments. 

HMRC have published guidance to record income and expenditure on cash basis or accrual basis. They will accept any tax planning which is part of final accounts and is not tax avoidance. 

No tax accountant is not more expensive then a normal accountant. We have specialist knowledge and experience to minimise your tax bills. 

There is not much difference in the costs. Most of tax accountants will charge for advice and tax planning. Whereas accounting will be the same for every business. The difference is to include tax planning in accounts. 

Your accountant may have included some normal tax provisions. If not you may be able to make adjustments in your current financial year. If you are loosing any tax reliefs, you may need to amend accounts and resubmit to HMRC and companies house

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