Corporation Tax
Every limited company that is based in the UK is subject to corporation tax on their profits. Limited companies that are non-UK based that can still be expected to pay corporation tax if the central control and management of the company is carried out in.
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How much is Corporation Tax for a limited company?
The Corporation Tax rate for company profits for the 2020/21 and 19/20 tax year is 19% – a business with £100,000 in annual profit will pay £19,000 in Corporation Tax.
The first thing you must do is register your company with HM Revenue & Customs (HMRC), using its official forms, so it knows you are liable for corporation tax.
If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits.
This information must be reported to HMRC on a corporation tax return form and accounts and tax computations must be submitted to HMRC in support of the return.
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.
Our accountants can assist with the preparation of company accounts, company tax returns and tax computations and will also be able to provide advice on any tax planning areas that may benefit you and your company.
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Tax Efficiency Reviews – We’ll also conduct regular tax efficiency reviews throughout your financial year, ensuring your business is being run in the most tax efficient way.
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