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Corporation Tax

Corporation Tax Advice and Services

With changing corporation tax reliefs and its rates on an annual basis, it’s significant to make the most of all the allowances, exemptions and deductions available for calculations of tax returns. Our specialist company tax accountants include all areas of technical tax guidance your small business may require. We devote our time and attention in understanding your circumstances, reducing tax in an optimal way and finding the best way out to streamline your business processes for growth and risk mitigation.

Filing a corporation tax return

The corporation tax return must be filed by all the active companies to HMRC each year to work out how much corporation tax is owed. But there is a good deal of relief that can help you minimize your bill.

What is a corporation tax return?

Any profit or loss you make and any allowances or expenses claimed for calculating your corporation tax bill asks for your corporation tax return.
The payment and return must be submitted to HMRC.
Your corporation tax return consider the profit or loss you’ve made in your accounts to show how much you owe HMRC in corporation tax.
Currently, the corporation tax rate is 20 per cent but is due to fall down to 17 per cent by 2020.

Deadline to file your corporation tax return

For filing the corporation tax return, businesses need to take 12 months after the end of their accounting period. It is the job of HMRC to set an accounting period and the taxman will make you informed of your deadline.

What is in a Company Tax Return?

The company tax return is dependent on the profit and loss shown in your financial accounts, but these require adjustment to permit for the different methods in which corporation tax reliefs and allowances are treated.

The company tax return includes a tax calculation which shows how the profits have been adjusted in your financial accounts to work out the taxable profits included in the corporation tax return. For example, you can only exclude allowable expenses when it comes to working on your profits, and use set capital allowances instead of your depreciation charges for assets such as premises and equipment.

How do I complete a Company Tax Return?

  • Companies need to file their corporation tax return online with HMRC. The documents need to be submitted along with it are the CT600, the accounts and the corporation tax calculations.
  • Companies need to have their registration done with HMRC to file online and get a UserID and password. You would like to ask your accountant with this on your behalf.
  • Filing of accounts with the Companies House either online or via the post (online filing is yet not mandatory). In order to file online, companies need to obtain an authentication code from the Companies House.
  • Another option is to file jointly via the HMRC website.

You can make and file your own Company Tax Return. However, unless you feel entirely confident in completing the return yourself, then it may be advisable to hire the services of specialist accountant.

If you need any immediate help or further advice, call us or email us. You can even drop your number on our website and our business representative will call you back shortly.

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