Corporation tax
We prepare and file your company tax return, keep you on the right side of HMRC, and look for every legitimate way to lower the bill.
Corporation tax is the tax your limited company pays on its profits, and for most growing businesses it is the largest single tax bill of the year. We take the whole job off your hands, from preparing the figures to filing the return with HMRC, and we make sure you never pay a penny more than you have to.
Every UK limited company must work out its taxable profit for the year, file a company tax return known as the CT600 with HMRC, and pay the tax that is due. The main rate of corporation tax is 25 per cent for profits above 250,000 pounds. A small profits rate of 19 per cent applies where profits are 50,000 pounds or less, and a tapered marginal rate applies in between. Where a company has associated companies those thresholds are shared between them, which is the sort of detail that is easy to miss and costly to get wrong.
We prepare your statutory accounts and your company tax return together so the two always agree, and we file both with Companies House and HMRC on time. We review every cost in the business to make sure all the expenses you are entitled to claim are included, we deal with capital allowances on equipment and vehicles, and we keep a close eye on your director position so the mix of salary and dividends works in your favour. You get one clear fixed fee agreed in advance and a real person to call whenever a question comes up.
There is a world of difference between sensible tax planning and anything that puts you at risk, and we only ever do the former. We look at full expensing and the annual investment allowance on qualifying equipment, pension contributions made through the company, research and development relief where the work genuinely qualifies, and the timing of income and costs around your year end. The aim is simple, which is to leave more profit in your business while keeping you completely safe with HMRC.
Corporation tax is due 9 months and 1 day after the end of your accounting period, and the company tax return must be filed within 12 months of the period end. The payment deadline therefore falls before the filing deadline, which surprises a lot of company directors. We give you plenty of notice of both dates and a clear figure to set aside, so there are no nasty surprises and no late payment interest.
It depends on your taxable profit. Profits up to 50,000 pounds are taxed at 19 per cent, profits above 250,000 pounds at 25 per cent, and a tapered rate applies in between. We give you an estimate well before the bill is due.
Payment is due 9 months and 1 day after your accounting period ends, and the return must be filed within 12 months. So the money is due before the paperwork deadline.
We make sure you claim every allowable expense and relief, from capital allowances to pension contributions and research and development relief where it applies. We only use legitimate planning that keeps you safe with HMRC.
Yes. We prepare the accounts and the CT600, agree them with you, and file both with HMRC and Companies House on your behalf.
Book a free call back and we will explain exactly what your company owes and how we can help.