All limited companies registered in the UK with Companies House are required to pay corporation tax on their profits. In some cases, if a company is not UK based but a substantial amount of the entity’s business is conducted, controlled or managed in the UK, they will still be required to submit a corporation tax return and will have corporation tax liabilities.
Currently, UK rates of corporation tax are historically low and it may be advantageous for a sole trader business or partnership to incorporate their business into a limited company.
If you are operating as a limited company, there are statutory and compliance burdens put on yourselves which often lead to stressful and taxing tasks.
You are required to file your corporation tax one year after the end of your accounting period and are required to pay your tax 9 months and 1 day after the accounting period.
CP Tax can advise you on the pros and cons of incorporation and explain your financial and administrative obligations. We can also manage the entire incorporation process on your behalf, including registering your company with HM Revenue & Customs (HMRC) using its official forms, so it knows the company is chargeable to corporation tax.
If your company profits mean it is chargeable to corporation tax, we will advise you on what to expect. In preparing your company accounts, we will calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits. We will help you submit the relevant tax returns to HMRC together with copies of your accounts in support of the return.
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