Accurate tax planning and advice are vitally important for any business’s success. It’s important that your business receives reliable advice and help from a professional and trusted team of corporation tax specialists.
At Cannytax we can advise companies throughout the UK about all aspects of corporation tax and corporation tax planning. Need help? Call us 0203 002 2027.
What is Corporate Tax?
A corporate tax is a tax on the profits of a corporation. You must pay Corporation Tax on profits from doing business as:
- a limited company
- any foreign company with a UK branch or office
- a club, co-operative or other unincorporated association, eg a community group or sports club
You don’t get a bill for Corporation Tax. There are specific things you must do to work out, pay and report your tax.
- Register for Corporation Tax when you start doing business or restart a dormant business. Unincorporated associations must write to HMRC.
- Keep accounting records and prepare a Company Tax Return to work out how much Corporation Tax to pay.
- Pay Corporation Tax or report if you have nothing to pay by your deadline – this is usually 9 months and 1 day after the end of your ‘accounting period’.
- File your Company Tax Return by your deadline – this is usually 12 months after the end of your accounting period.
Your accounting period is normally the same 12 months as the financial year covered by your annual accounts.
It’s important for companies to understand and comply with their corporate tax obligations in the UK. Seeking advice from tax professionals or accountants can help ensure accurate tax calculations, adherence to reporting requirements, and utilization of available deductions and allowances to optimize the company’s tax position.
Next step
If you would like to find out more about how we could help your business, please get in touch by either calling on 0203 002 2027, 07838 033385 or completing the contact form and we will be right back to you.