CORPORATION TAX
by Applegate Accountants, Cheshire
Corporation
Tax represents a large part of your trading costs. The increased reporting
obligations, investigation policies that the tax authorities place on Companies
and the harsh penalties for non compliance mean that a huge amount of your
time and resources could be taken up collecting revenue for the government.
We offer services to help you minimize your Corporation Tax exposure and
deal with all the administration needed to comply with tax legislation.
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Efficient corporate tax planning can result in potentially significant
improvements in your profits.
Corporation Tax is a tax on limited companies' taxable income or profits.
Corporation Tax is not paid by the self-employed, but will apply to the
following organisations (even if they are not operating via Limited Companies)
Members' clubs, societies and associations
Trade associations
Housing associations
Groups of individuals carrying on a business but not as a partnership, (for
example, co-operatives.)
For Corporation Tax, companies have to calculate their own tax liabilities,
and are liable to pay the calculated tax to the Inland Revenue without prior
assessment.
Penalties apply if returns are submitted late (usually 12 months after the
end of a companies accounting period.) Most accounting periods are usually
12 months long but occasionally these periods can be shorter.
Payment of Corporation Tax itself is due 9 months and one day after the
company's "normal due date" usually the last day of your annual
accounting period. For most small businesses, your company will be liable
to a flat 19% Corporation Tax .
If you have just set up a limited company, you will need to inform the Inland
Revenue by completing form CT41G
At Applegate & Co Cheshire we will complete this for you, but as a company
director you are ultimately liable for ensuring you keep up with your financial
(and statutory) requirements.
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