Corporation Tax

Corporation tax

Every company which is UK Tax resident is subject to corporation tax on their taxable profit. Non-UK based limited company is also be expected pay corporation tax if central control and management of the company is carried out in the UK.

Remember!! Even if your company has not started its trading and no commercial transaction has taken place, your company still needs to complete it tax self-assessment and submit the tax return to HMRC and submit it registrar account to company house.

Enable to comply with this legislation incur financial penalty, leading to closure of the company and legal proceedings against director(s)

Corporate Taxation

As an owner/manager of a company, you need to pay your close attention to the following:

Getting your business registered with HMRC, using specific official form, which informs HMRC that your company is subject to Corporation tax,

Your company’s taxable profit should be calculated for the relevant accounting period in order to establish corporation tax payable.

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.

Things that need be borne in your mind is that calculating taxable profit, establishing tax payable, completing complex form, and submitting it to HMRC is very skillful task and minor error can be very time consuming, therefore; costly. Our accountant can assist you all the way through to get it done successfully so that you will be stress free to be focusing your core operation and business growth.

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