Small Business Corporation Tax Returns

What You Need To Know

Corporation Tax is an unfortunate necessity for Limited Companies and various other types of organisations in the UK.

It comes out of your profits and any capital gains you have made through buying and selling assets. Of course there are a few exemptions but essentially, if your business is based in the UK, you need to be aware of this tax - even if your profits come from abroad.

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If you're based outside the UK things are a little different, but you'll probably still have some taxable profits from your UK activities.

At RIFT Accounting, we believe in doing a lot more than just adding up the numbers for you. The most important thing to do is get good guidance so you never end up paying too much, missing a deadline or calculating at the wrong rate.

If your business is subject to Corporation Tax (and just ask us if you're not sure), there are a few things you'll need to do:

  • Pay the right amount of Corporation Tax on time and electronically.
  • File a Company Tax Return and supporting accounts online and in a particular format.

The cut-off dates for these requirements vary, but the interest and other penalties for missing them are all unpleasant and best avoided.

We'll work out which rate applies to you and take care of all the details and deadlines, as a core part of our service, freeing you up to get back to business.

The tax year for Corporation Tax is based on your company financial year. This is different from the important dates relating to your personal tax returns.

You'll also want to keep track of the Budget each year, because that's where any changes in the various rates, allowances and other details are announced. It's important to stay on top of things like these, to avoid any nasty surprises and make sure you're not missing out.

If you're used to filling out a personal Self Assessment tax return, you’ll have an inkling what it means to fill out a Corporation Tax return. It’s more complicated but it’s up to you to work out how much Corporation Tax you have to pay, rather than HMRC.

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