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Tax Compliance

UK resident companies are subject to UK income tax on their worldwide income, while non-UK resident companies are liable for UK tax on specific business activities, such as trading profits from UK land development, rental income, and property transactions. While tax treaties and dividend exemptions create a more localised corporate tax system, businesses must still navigate complex compliance requirements.

The Finance Act of 2021 introduced key incentives for corporate capital investment, including enhanced loss relief provisions and tax breaks to support innovation. However, the corporate tax rate increased from 19% to 25% as of April 1, 2023, making compliance more crucial than ever. A reduced 19% rate remains available for businesses with profits under £50,000.

 

Ensure your business remains tax-compliant with expert support from Capital Counts.

Penalties for Non-Compliance with Corporate Tax Rules

 

 

Failing to meet HMRC’s corporate tax deadlines and obligations can lead to substantial penalties. If errors occur—whether accidental or deliberate—they must be corrected promptly to mitigate fines. Businesses that fail to notify HMRC of their tax obligations within 12 months after the accounting period may also face penalties, calculated as a percentage of lost revenue:

 

  • Non-deliberate errors: 30% of the tax due

 

  • Deliberate but not concealed: 70% of the tax due

 

  • Deliberate and concealed: 100% of the tax due

Corporate tax compliance can be a significant burden, both in terms of tax payments and regulatory obligations. Capital Counts ensures businesses stay compliant while minimising tax liabilities. We handle all aspects of corporate tax, including tax accounting, return preparation, and HMRC submissions.

Our team has extensive experience in corporate tax compliance for businesses of all sizes, including large international firms. We work closely with clients to tailor compliance processes, providing:

 

  • -Assistance in developing a comprehensive tax strategy.
  • -Monitoring of key tax risks and opportunities.
  • -Coordination with HMRC’s Customer Relationship Manager.
  • -Pre-prepared reporting templates for compliance investigations.
  • -Support with group tax filings and income tax returns.
  • -Guidance on compliance with the Chief Accountant Code.
  • -Management of offshore tax compliance obligations.

Contact Capital Counts

01302985003

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