Our Corporation Tax Services
Our Corporation Tax Service is designed to offer you proactive advice and tax planning opportunities, with an efficient approach to help you meet your company’s compliance needs.
Tax Compliance with Expert Corporation Tax Services
Every limited company that is based in the UK is subject to Corporation Tax on their profits. Limited companies that are non-UK based can still be expected to pay Corporation Tax.
Using an experienced local accountant for your tax compliance needs means you can feel confident your business is in safe hands.
Our Corporation Tax Solutions
We offer a proactive service to ensure that your company tax return is correct and your company is paying the right amount of Corporation Tax. Ensuring your business is claiming tax reliefs and expenses where they are allowable helps to minimise your Corporation Tax liability.
Why Choose Our Corporation Tax Service?
From setting up your business tax account to Corporation Tax payment reminders, we handle it all:
Register with HMRC: We can complete the paperwork to ensure your business is registered for Corporation Tax with HMRC.
Calculate Your Profits: Having prepared your company accounts, we use our experience and tax knowledge to prepare your company tax return and calculate the Corporation Tax payable.
Proactive Advice: As well as ensuring you meet your compliance requirements, we offer proactive tax advice, including tax planning opportunities to ensure you’re paying the right amount of tax.
Corporation Tax Payment Reminders: We communicate to you your business’s Corporation Tax liability, ensuring you know when this needs to be paid to avoid any late payment penalties.
Competitive Pricing and Flexible Services: We tailor our services to your requirements and offer fixed fees to avoid any hidden charges.
More Time for You: Reclaim hours for business development or personal relaxation.
At Tax Surgeons, our Corporation Tax Service is not just about compliance; it's about providing you with the tools and insights to manage your tax obligations effectively, helping your business to thrive. With our expertise and personalised approach, you can rest assured that your Corporation Tax needs are in capable hands, allowing you to focus on what you do best—growing your business.
Need expert help with a Corporation Tax issue?
Speak to one of our qualified accountants to see how we can help you.
Corporation Tax Process
Filing a Corporation Tax return (CT600) is a mandatory requirement for all Limited Companies in the UK. Here’s a step-by-step guide to help you understand the process and ensure compliance:
1. Notify HMRC
Registration: Inform HMRC that your company is active and liable for Corporation Tax. This can be done through the HMRC website.
Activation: You will receive a Unique Taxpayer Reference (UTR) for your company. Use this to set up your Corporation Tax account online.
2. Determine Profits and Tax Liability
Accounting Period: Your company’s accounting period is typically 12 months. It’s crucial to determine the start and end dates of this period.
Profit Calculation: Calculate your company’s profits for the accounting period. This involves preparing financial statements including income, expenses, and any allowable deductions.
3. Filing the CT600
Deadline: The CT600 form must be filed within 12 months after the end of your financial year.
Submission: You can file the CT600 form online through HMRC’s website. Make sure to include:
Company details (name, UTR, registered office)
Financial statements
Profit and loss calculations
Tax computation details
4. Payment of Corporation Tax
Due Date: Even though the CT600 form is due 12 months after the financial year, the Corporation Tax must be paid within nine months and one day after the end of the financial year.
Payment Methods: Payments can be made online through HMRC’s website using various methods like Direct Debit, bank transfer, or by credit/debit card.
5. Avoiding Penalties
Timeliness: Ensure both the CT600 form and the tax payment are submitted on time to avoid penalties and interest.
Penalties: Late filing or payment results in penalties. The amount depends on the delay duration and the amount of tax due.
6. Seek Professional Advice
Tax Advisors: Given the complexity of Corporation Tax, consider hiring a professional tax advisor. They can provide valuable advice on tax planning and help minimise your tax liability.
7. Additional Requirements for Different Business Structures
Non-Corporate Entities: If you are an individual, sole trader, or part of a partnership, you are not required to pay Corporation Tax. Instead, you must file a self-assessment tax return (SA302).
Tips
Companies House: Regularly check the Companies House website for updates on your company’s fiscal year and other statutory requirements.
Record Keeping: Maintain accurate and detailed financial records to support your tax calculations and ensure compliance during HMRC audits.
By following these steps and maintaining good financial practices, you can efficiently manage your Corporation Tax obligations and avoid unnecessary penalties.
Tax Surgeons Services
At Tax Surgeons, we offer a wide range of comprehensive tax and accounting services to meet all your financial needs.
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Contact us today to see how we can assist you in achieving your financial goals.
Get in touch
Please get in touch to tell us a bit more about you and the tax issue you are facing, or if you would like to learn more about the range of services we offer.
Please enter your details below and we will get in touch at a time that suits you. Alternatively, call us on 020 8914 7868 or email us at info@taxsurgeons.co.uk
