Corporation tax returns
Ensuring you pay no more corporation tax than you have to
Running a limited company has its own set of challenges. Even from the beginning, you’ll have to register with Companies House and HMRC just to start your corporation tax return process.
From there, the admin work keeps building, and so do the calculations.
Incorporated businesses have to pay UK corporation tax on any profits they make in a 12-month accounting period. As experienced corporate tax accountants, we can help.
Studying your performance
Before we work out your corporation tax bill, we need to look at your company’s profit and loss for that period. This is different to the way we do your profit and loss for the annual accounts, but, to be extra efficient, we can file them at the same time. We aim to mitigate the risks of late submissions and common mistakes, as both of these can result in a company paying more money to HMRC than expected.
Once we’ve got your profit and loss figure, we’ll follow HMRC’s “wholly and exclusively” rule to claim every allowable deduction and expense to give an accurate picture of your profits, ensuring you pay no more corporation tax than you have to.
It’s not just your expenses that can potentially lower your corporation tax bill, but reliefs too. Companies have an abundance of tax incentives to take advantage of. Whether it’s offering benefits to your staff, claiming on any research and development costs, or even declaring eligible investments, the options are out there.
This does mean keeping accurate records of your company’s spend and investments, which can be a cumbersome task in itself. But employing the services of corporate tax accountants can take the stress out of your recording and reporting.
An overall accounting package
For an overall package, you can combine corporation tax services with bookkeeping and VAT so your company’s finances are covered from top to bottom. Letting one of these slip can cause the rest to topple like a house of cards. So, getting a professional firm’s support from the beginning is a surefire way of maintaining a balanced and cohesive foundation for your company’s financial reporting.
At the end of the day, we’ve been helping our clients with their corporation tax returns for years. The more we do it, the better we get. So don’t let your company’s paperwork get in the way of your ambition. Let our corporate tax accountants focus on the numbers so you can focus on your day-to-day.