Corporation Tax

Corporation Tax is paid by limited companies on their profits.

If your company is liable to pay corporation tax, you must:

Ø Tell HM Revenue and Customs that your company exists and that it is liable for tax.

Ø File a Tax Return for your company, on which you calculate your own corporation tax liability and pay it without prior assessment by HM Revenue and Customs.

Ø Keep records of all company income and expenditure in order to work out your tax liability accurately.

Our Taxation services include:

Ø Calculation of corporate tax liabilities.

Ø Advising on tax reduction strategies.

Ø Submitting relevant returns online to HM Revenue and Customs.

Corporation tax is normally due by nine months and one day after the end of your company’s accounting period. So if your company tax return covers an accounting period 1 January 2019 to 31 December 2019, corporation tax must be paid no later than 30 September 2020.

If you don’t let HM Revenue and Customs know that you are liable for corporation tax, file your company tax return incorrectly, or pay your corporation tax late, you may incur a financial penalty. If you don’t pay your corporation tax on time, HM Revenue and Customs will charge interest from the day it is due until you pay it.

Seeking professional advice is a wise step to ensuring that your financial affairs are as tax-efficient as possible.

Please remember our initial meeting and consultation is totally free