As with everything else financial for your business, we are here to support you with Corporation Tax to help you calculate and meet your liabilities.
Corporation Tax is paid by a limited company, a limited partnership, a foreign company with a UK branch or office and any clubs or unincorporated associations that make a profit. Crucially, you do not receive a bill for Corporation Tax. You must work out, pay and report your tax owed to HMRC each year.
As a company or partnership, you need to register for Corporation Tax when you start doing business. Through keeping accurate financial records and issuing your financial statements you will prepare a company tax return which shows how much Corporation Tax you will need to pay.
You pay Corporation Tax on any profits that you make as a company, investments and any assets sold for more than they cost.
As with other tax liability there are allowances and relief that you can get for Corporation Tax, which could reduce your Corporation Tax liability. We can look at the financial reports for your business to look at whether you are currently taking advantage of these.