Corporation tax is relevant to every limited company that is based in the UK. Limited companies that are non-UK-based can also still be expected to pay corporation tax. It's crucial to utilise all the exemptions, allowances, and deductions available for tax return calculations because corporation tax reliefs and rates change on an annual basis.
A corporation tax return is used to compute your corporation tax liability based on your profit as well as any costs or allowances claimed. HMRC must be given the return and payment.
To determine how much corporation tax you owe HMRC, your corporation tax return uses the profit or loss you've recorded in your accounts.
The first thing you must do is register your company with HMRC so that they know are liable for corporation tax.
If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period first, from this you must calculate how much corporation tax is payable on those profits.
This information must be reported to HMRC on a corporation tax return form.
I had historically completed my own tax returns, but recently due to pressures of work had taken my eye off the ball.
We asked Nigel to analyse our financial affairs and he has already saved us many thousands of pounds, with the prospect of further bigger savings to come from previously declared returns.
He is diligent, communicative and we would recommend him without exception to anyone.
Working with Nigel has been a pleasure and very insightful.
His patient approach in explaining the account procedures of my business has been most welcome. As a start up company Nigel has taken away the pressure of the accounting side, which has saved my company time and put me at ease that the accounts are with a trusted and highly skilled professional person. Would happily recommend Nigel to any start up business or existing business.
I was so grateful and relieved to have found Nigel and given him both my corporate and personal tax affairs to deal with. Having had a somewhat chaotic experience with my previous accountant.
I was delighted to find that Nigel was efficient and communicative. Of greatest value to me was his willingness to be available and patient with all the queries I had, and there were many! Another immensely important aspect of the work he has done for me is that he has saved me money! I am finally worry-free regarding my tax affairs as I know I am in extremely good hands.
This is my first time being self-employed and I found the idea of being responsible for my own tax affairs a daunting experience.
Nigel, during our very first meeting, put my mind at ease with regards to tax payments and offered advice on the benefits of being VAT registered which I was previously unaware of. Nigel also advised and assisted with the transfer of my business into a limited company and took care of all the necessary paperwork required.
I am a natural worrier but Nigel responded quickly to my queries, whether by email or face-to-face meetings, and I am confident that my business is in safe and competent hands.
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