If your business is incorporated and operating as a limited company then you must file a company tax return each year.
You’re also obliged to pay UK corporation tax if you operate a company registered overseas but with an office in this country. It also applies to clubs, co-ops, community groups and other associations.
It can be a time-consuming, nerve-wracking task, especially for businesses with multiple revenue streams and complex operating structures. With our long experience as corporation tax accountants, Bevan Buckland takes a structured approach with well-established processes that take away the guesswork and anxiety.
There are several steps to be undertaken once you’re in a position to pay corporation tax. First, you have to register your business with HMRC in writing.
Secondly, you need to start keeping comprehensive financial records. These will be used to draw up your company tax return which is how you arrive at the right corporation tax bill for your business.
Finally, you have to pay this corporation tax bill by the deadline, which is generally nine months and one day after the end of your business’s accounting period.
Any money your company or association makes from trading, investing or selling assets will be treated as taxable by HMRC. If you’re based in the UK, all profits, whether on business done here or abroad, will be taxable.
There are various reliefs and allowances that can help reduce your corporation tax bill, such as research and development tax relief and credits. These vary from business to business and year to year and need to be judged on a case-by-case basis.
For practical help in delivering your company tax return on time, with every detail under control and liability minimised, talk to one of our expert advisers today.