Corporation tax is paid by limited companies on their profits. If your business is subject to Corporation tax then tax planning and computations can be very complex and time consuming. As a company director you will need to keep extremely detailed financial records and have in place established processes for recording information for tax purposes. The current rate of corporation tax is particularly low; comparable to the rates for personal income tax which can bring significant tax planning opportunities. If you plan wisely and consult a specialist in tax you may be able to make significant overall tax savings.
In its simplest form, corporation tax is charged on any profit made by a company. This not only includes money generated from daily business operations, it can also include any profits made from assets which may have been sold, such as equipment or even a section of the business. These types of profits are usually referred to as chargeable gains. Very similar to the self-assessment tax return, corporation tax is charged over a 12 month accounting period, usually your financial year. The rules for this tax clearly define what allowances and reliefs can be claimed from business income when working out the total taxable profit.
Why Use a Tax Advisor?
Your corporation tax requirements will vary as to the nature of your business and how you operate, and it will become very complicated if you carry out business internationally. This is why it is so important to employ a tax specialist who can take care of your tax affairs and ensure that they are managed effectively, as well as offering you advice on tax planning strategies and methods to save tax, and operate your business more tax efficiently.
We can help you with accounting advice and tax planning to become more financially efficient, reviewing multiple aspects of your business so that you can operate cost-effectively and reduce your tax liabilities and make sure you claim every tax relief that you are entitled to.
Who We Work With
Furthermore, we work with businesses at all stages of operation; from start-up enterprises with straightforward tax affairs, through to large international organisations where the tax is more complicated. We are also able to provide support for investment acquisitions and disposals, as well as succession planning.
Our team will work with you or your in-house accountant to establish clear procedures for compliance, support and planning within your specific business sector. What’s more, we have extensive experience in working with HMRC, so we maintain effective communication channels with them throughout the process.
Corporation Tax Services
We provide high-quality tax services to businesses and individuals. Our corporation tax service includes:
- Successful strategies and established processes to manage tax data and your financial reporting requirements relating to tax
- Meticulous preparation of your corporation tax returns using the latest software which meets the ever-changing demands and online submission requirements
- Expert advice provided on a whole variety of issues such as tax credits for research and development purposes and capital allowances relating to buildings
- Communication with the HMRC including query resolution and any tax enquiries
Regardless of your corporation tax requirements, our dedicated team can work with you, nationally or internationally to address all of your tax processing and submission requirements. We structure our processes around the needs of the businesses we work with, using the latest technologies and software so that we can prepare an accurate and complete tax return which leaves you more time to spend running your business.
International tax rules are complex and a mystery to many business owners. We are experts in this area and can provide support for:
- Businesses in the UK who are thinking of branching out or setting up business overseas
- Understanding the local tax rules and how these relate to the taxes that you need to pay in the UK
- Up to date advice and information provided on UK taxation for foreign businesses
If you are looking to explore new markets, it is really important to explore and understand the issues relating to tax, and that’s where we can help. We are able to devise a strategy unique to your business which will:
- Address all of your requirements and identify ways in which your overall tax liability can be minimised
- Ensure that you fully comply with all of the tax legislation and regulations overseas, and in the UK
- Understand the allowances that you can claim for and convey this information to you
- Devise a comprehensive International tax strategy for your business
The tax advice that we provide has been specially designed to suit both UK and international businesses. We will conduct an initial consultation to find out about your business and understand your goals for the future, particularly if you are considering overseas expansion and then offer advice accordingly.
Why Work With Us?
Our team always provides practical and straightforward advice. We will explain everything to you clearly, so that you fully understand and are able to make an informed decision on which of our tax services are most suitable for you, and your business.
Our tax experience is second to none across a diverse range of sectors, and we understand that the financial and tax requirements of every business are different. We don’t have a one strategy fits all approach; we take a great deal of pride and care in working with each business to develop a completely unique corporation tax strategy.
Furthermore, we can offer advice on tax planning and how to transform your financial processes, ensuring that you are collecting and processing the correct paperwork, while ensuring that you are not spending more time than you need to be on complex tax affairs.