Corporation Tax
Limited companies are subject to corporation tax on the profits they make but, as ever, it’s not quite as simple as that! The profits the company makes per its accounts will be adjusted by various items to arrive at the profits on which it pays tax.
Each year, the company must prepare and file a Corporation Tax Return within 12 months of its year end and pay any tax it is liable to within nine months of the year end. The responsibility for ensuring this is complied with lies wholly with the directors of the company.
With tax taking in the region of 20p of every £1 of profit made, it is essential that effective corporate tax planning is undertaken as it can result in significant improvements to the bottom line.
As part of our typical services, we can:
Prepare and file your Corporation Tax Returns
Undertake a corporate tax audit to identify tax saving opportunities
Ensure that corporate structuring is optimised for tax purposes
Identify remuneration scenarios for directors and employees that are cost effective for both the individuals and the company
