Corporation Tax is a tax on the taxable profits of limited companies and other organizations including clubs, societies, associations and other unincorporated bodies.
Firstly, the benefit of UK Corporation Tax is that the rates are often much lower than income tax rates. Secondly, company owners can pay themselves dividends, which are taxed much less heavily than other forms of income. Finally, setting up a company with your spouse or partner allows you to split your income which almost always results in a lower tax bill.
Corporation Tax is something you need to be on top of at all times. As with many tax affairs, if you get it wrong or send required information late, you will be penalized – sometimes with a fine.
Here at SRM Accountants we will complete your Corporation Tax returns and ensure that they are submitted to HMRC within the time limit which is 9 months after the company’s financial year end.
We will calculate and advice you of your liabilities and look for how to reduce your liability to ensure that you pay what you owe and not a penny more.
Please contact us today for more details.