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Corporation Tax

Tax is constantly changing and keeping up with it can be exhausting which is why we offer our years of experience to sort this for you.

What is corporation tax? 

Corporation tax is applicable only to limited companies, foreign companies having an office or a company branch in the UK, and co-operative or unincorporated associations. While corporation taxes are not billed to you and require certain legalities from you. 

How to file Corporation tax?

  • Registration. 
  • Keeping account records, and preparing the company’s Tax Returns, and filling them by the deadline (usually 12 months after the end of your accounting period).  
  • Paying Corporation Tax or providing reports if the company is not liable to pay in the given time frame which is 9 months and 1 day after the end of the accounting period. 

When to register?

A company is obliged to register with HMRC within three months of commencing its trade i.e. buying, renting a property, selling, advertising, or hiring employees. Late registration might be liable to penalties.  

What company’s income is liable to corporate tax?

A Company is liable to corporate tax on its profits from business, investments, and selling assets which include, company shares, machinery, land, equipment, and property. 

Corporation taxes rates 

The corporation tax rate for company profits as of 2020-2021 is 19%.  

If you would like more information regarding this, get in touch with us on 0113 436 0002 or use the form below.