Business tax – Corporation tax
A business tax (or corporation tax) must be paid by limited companies on their profits. As a business owner, you are responsible for filing a self-assessment Company Tax Return with the HMRC by the correct date so they can calculate the tax you may owe. This is a long and complex procedure with hefty penalties and interest charges if these dates are missed. You are also legally responsible for keeping comprehensive records of company income and outgoings for the purpose of tax calculations.
Running a business is hard enough without losing sleep over corporation tax returns. At Yorkshire Accountancy, we take the stress and strain out of the picture. What could be better than having a team of bright and fresh young professionals taking care of your corporation tax assessment while you clear your head and get on with running your business?
At Yorkshire Accountancy, we:
- Prepare your company accounts.
- Prepare the company tax return (CT600).
- Calculate the rate of corporation tax you are eligible to pay.
- File your Company Tax Return.
- Discuss with you methods in which to pay any corporation tax that is due. So that you pay the right amount of corporation tax on time.
- Deal with all correspondence from the HMRC.
There are different deadlines for each of the HMRC’s requirements on corporation tax so it is very easy to miss one. Strangely the filing deadlines for corporation tax are as follows:
- 9 months and 1 day after your year end – payment of corporation tax is due
- 12 months after your year end – your CT600 tax return is due to be filed
So your tax payment is actually due to be paid before your CT600 has to be filed.
If you pay your corporation tax early, you receive interest, but if you miss the deadline then you must pay interest. Yorkshire Accountancy can help you pay your corporation tax before the due date, saving you both time and money.
As well as this, we can help your business budget for corporation tax.
We offer you:
- Business strategy and goal setting.
- Cash flow forecasts.
- Profit forecasts.
- Budget planning so you can pay your corporation tax on time.
It makes sense to use an accountancy firm to ensure that your business doesn’t suffer the penalties while dealing with this complex procedure. At Yorkshire Accountancy, we have made it our mission to throw out the jargon (and the suits!) and instead adopt an informal and relaxed approach, making everything straightforward, simple and clear for our clients. We can help take the hassle out of corporation tax for you, making your business fun again.
Contact Yorkshire Accountancy today for more information or a no obligation quote.