Corporation Tax Advice and Liabilities Help

Corporation Tax

Every limited company that is based in the UK is subject to corporation tax on their profits. Limited companies that are non-UK based that can still be expected to pay corporation tax if the central control and management of the company is carried out in the UK. Along with limited companies, clubs and societies, trade associations, housing associations and even co-operatives may also be subject to corporation tax.

The first thing you must do is register your company with HMRC (Her Majesty’s Revenue and Customs), using their official forms, letting them know that you are liable for corporation tax.

If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits. This information must be reported to HMRC on a corporation tax return form and accounts and tax computations must be submitted to HMRC in support of the return. There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company’s annual accounting date, are adhered to.

Our accountants can assist with the preparation of the accounts, tax return and tax computations and will also be able to provide advice on any tax planning areas that may benefit you and your company.

TaxAssist Accountants work with 40,000 small businesses so let us take away the hassle and stress which corporation tax causes to many businesses every year.

Call us now on 0800 0523 555 for further information on corporation tax or fill out our contact form.