At Nexa Accountants, our business tax specialists can restructure and demerge businesses and can offer updated suggestions on the implications of tax for any form of framework.We have the requisite skills to help small businesses that include individual or professionals. We also take care of diverse asset portfolios of individuals and families and we work with international companies aiming to construct a foothold in the UK.
We also construct succession and exit strategies well in advance so the avenues of tax reliefs on sale are maximized. We also take care of any HMRC clearances for providing the businesses an absolute peace of mind. We negotiate with HMRC on important and complex business issues and manage tax enquiries on your behalf.
Let’s find out the corporation tax rates for small businesses in UK
|Small profits rate (for those companies having profits upto £3,00,000||19%||19%|
|Prime Rate (for those companies having profits upto £3,00,000||19%||19%|
Corporation tax are the tax rates which are levied on the profits made by UK-resident companies and also on the profits of those institutions/companies registered overseas with permanent establishments in the UK.
Pay corporation tax at ease. You can adopt any of the following means to pay your corporation tax.
Self-Assessment is a system where HMRC collects Income Tax on your personal income. Tax normally gets deducted from wages, pensions and savings. People and businesses with other income need to report it in a tax return to HMRC.
If you are required to send one, get it filled by yourself at the end of the tax year(5th April) it is applicable to.
Register for Self-Assessment and Class 2 National Insurance, if your earnings are more than £1,000 from your self-employment between 6 April 2017 and 5 April 2018.
You have to do this if you have dispatched a tax return before.
You need to register yourself by 5 October in your business’s second tax year, failing, you could be fined.
You have to send a tax return and you didn’t send one last year, then get yourself registered for Self-Assessment by 5 October.
Register Now through Nexa Accountants who will do this on your behalf.
If you are a partner in a partnership, register yourself for Self-Assessment.
You also require your partnership’s 10-digit Unique Taxpayer Reference(UTR). If you have lost it, still you can find a UTR.
If you are a ‘nominated partner’, sill you can register for partnership.
Get registered for Self-Assessment if you’ve dispatched a tax return in the past but you didn’t have to send one last year.
If you are filing your HMRC Self-assessment for the first time, you must have obtained your Unique Taxpayer Reference (UTR), enrolled for the online service and get your account activated using the code you’ve got in the post.
Register your small business for VAT with HMRC, if the VAT taxable turnover exceeds £85,000.
On registering, you will be getting a VAT registration certificate. This confirms:
|VAT Registration threshold(It is the level at which you should register for VAT)||£ 85,000||£ 85,000|
Voluntary registration could be done if the turnover falls less than £85,000, unless exempted whatever you sell. You have to shoulder certain responsibilities if you register for VAT. Contact us to know more about your voluntary VAT registration and requirements.
From the registration effective date you need to
There is a provision to reclaim the VAT you have paid on specific purchases made before registering yourself.
The tax paid by all taxable people such as individuals, professionals or small business are known as Value Added Tax. If you are running a business which is registered for submitting HMRC VAT returns, then you are expected to make submissions to the HMRC on a quarterly basis. However, in order to ensure that you submit HMRC VAT returns on time, the HMRC provides you with a VAT return which you need to fill and submit within 30 days after the end of respective quarter. The actual deadline date will be reflected on the return in context of failure, then you become liable to heavy penalties.
The calculation for the VAT paid to the HMRC is arrived by obtaining the net difference of the VAT paid by the customers at a current rate of 20%.
Always remember, you need to submit a VAT Return even though you don’t have VAT to pay or reclaim.