Services - Corporation Tax


Small Business Accountants for Corporation Tax Returns

Every limited company based in the UK is subject to corporation tax on its profits, but the rates, rules and regulations for company taxes often change and it can be hard to keep up. There are also exemptions, allowances and deductions available to businesses, so it’s best to work with small business accountants to keep compliant - after all, it’s their job to stay up-to-date with all the changes, and it’s your job to stay focused on growing your business.


What is a corporation tax return?

It’s based on the profit or loss you have made, and any expenses or allowances claimed. Your annual accounts are useful here as the balance sheet and P&L report contains data used in the corporation tax return. The return and payment must be submitted to HMRC by your filing deadline, which is determined by your company’s annual accounting date.


How is it submitted?

There are strict penalties for filing late returns, as well as interest charges, so it’s worth knowing the process.

  1. Calculate how much profit your company makes for each accounting period

  2. Calculate how much corporation tax is payable on those profits

  3. Report this information to HMRC via a corporation tax return form

  4. Include your accounts and tax information as part of your submission to HMRC

Why should you use small business accountants for corporation tax returns?

There are several tax breaks for small businesses, and small business accountants can help you benefit from any that are applicable to your business. Plus, tax can be a very complex subject, so it’s always useful to seek advice from a professional - you don’t want to fall foul of HMRC and end up with fines and penalties.


Using a professional for your corporation tax return can provide peace of mind, save you time, and ensure you’re claiming everything you’re entitled to claim. It can increase the money you and your employees take home, return more money to your shareholders, or increase the amount of money you reinvest in your company.


You will also reduce the likelihood of being investigated by HMRC if you’re using a professional, as HMRC have ways of knowing if information provided to them is likely to be incorrect. A tax accountant’s expertise in this field can be truly invaluable.


What else can a tax accountant help with?

1.     Advising on company formation

2.     Preparing statutory / annual accounts

3.     Preparing and filing quarterly VAT returns

4.     Filing the personal tax returns of the company’s directors

5.     Filing the annual confirmation statement


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