Corporation Tax

Corporation Tax in the UK is a mandatory tax on the profits of limited companies, foreign companies with UK branches, and certain unincorporated associations. It applies to income from trading activities, investments, and chargeable gains, such as selling business assets for a profit. Unlike personal income tax, Corporation Tax is not deducted at source, meaning businesses are responsible for calculating, reporting, and paying it directly to HMRC.

The UK Corporation Tax rate changed significantly in 2023. As of 1 April 2023, the main rate increased from 19% to 25% for businesses with profits exceeding £250,000. However, a small profits rate of 19% applies to businesses with profits of £50,000 or less, while those earning between £50,000 and £250,000 benefit from a tapered relief system. These changes ensure that smaller businesses continue to receive support while larger corporations contribute more proportionally.

How Can a Corporation Tax Accountant Help with Your Tax Returns?

A Corporation Tax Accountant, such as Capital Counts, plays a crucial role in ensuring businesses remain compliant with UK tax laws while maximising tax efficiency. Their expertise helps businesses with tax planning and compliance, ensuring taxable profits, deductions, and reliefs are accurately calculated. They handle HMRC submissions, making sure Corporation Tax returns are filed correctly and on time to avoid penalties. In the event of an audit or HMRC inquiry, they provide representation and support, addressing queries and ensuring businesses meet all tax obligations. They also offer ongoing tax advice, helping companies navigate legislative changes and take advantage of available reliefs and allowances. By working with Capital Counts, businesses can streamline their tax processes, reduce administrative burdens, and focus on growth.

How Capital Counts Processes Your Corporation Tax Returns

Capital Counts follows a structured process when handling Corporation Tax returns. The first step is data collection and review, where financial records, including income statements, expenses, and chargeable gains, are gathered to ensure all necessary information is included. Next, their accountants identify deductions and tax reliefs such as capital allowances and R&D tax credits, ensuring businesses pay only what they owe.

Once all calculations are finalised, they meticulously prepare and review the Corporation Tax return, ensuring compliance with HMRC regulations. Before submission, clients have the opportunity to review and approve the tax return, with complete transparency on their tax obligations. After filing, Capital Counts continues to offer support, assisting with HMRC inquiries and audits while keeping businesses informed of relevant tax law updates.

How to Get Help from Capital Counts for Corporation Tax Returns

Getting help with Corporation Tax returns from Capital Counts is a simple and efficient process. Businesses can begin by reaching out through the website, phone, or email for an initial consultation. An online quotation form is available for businesses to provide details about their financial situation, allowing for a tailored service.

Once engaged, Capital Counts manages the entire tax return process, from calculations to submission and post-filing support. With their expertise, businesses can ensure compliance, optimise tax efficiency, and avoid costly penalties, allowing them to focus on what matters most – running and growing their business.

Contact Capital Counts

01302985003

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Corporation Tax

How Can a Corporation Tax Accountant Help with Your Tax Returns?

How Capital Counts Processes Your Corporation Tax Returns

How to Get Help from Capital Counts for Corporation Tax Returns

Contact Capital Counts

01302985003

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