Do you find your corporation tax return daunting?
Whether you run a UK limited company, a foreign company with a UK presence, or an unincorporated association that turns a profit, you'll have to contend with corporation tax. For many corporation tax is complex and time consuming. That's why they choose to enlist the help of an accountant.
Can we help you?
What is Corporation Tax?
Corporation tax is charged on 'taxable' profits made by a company. These include profits from trading, most investment profits and chargeable gains.
Often people are thrown off by corporation tax because it has a different payment deadline. It's expected to be paid within nine months of the end of your company's accounting period. As well as this it must be paid electronically.
You are responsible for correctly calculating the amount of corporation tax your company owes. Failure to fully pay, or pay on time means HMRC will charge your company late payment interest. To make things even more confusing, corporation tax rates can change from one year to the next. The current corporation tax rate is 19% (2020/21).
As you can see, it's not the friendliest form of tax. But MoynanSmith is here to help. We are Chartered Accountants and Tax Advisers based in Carlisle, and so have the expertise to make your corporation tax woes disappear. We'll help you calculate how much you owe, and make sure you never make a mistake. You'll get your time back as we do all the hard work for you. No more will you have to worry about being penalised for doing it wrong.
Despite being a confusing form of tax, corporation tax is actually considerably lower than personal income tax. For this reason, it can prove beneficial to change business structures. As well as helping complete your corporation tax self-assessment, we'll reduce your tax liability across the board. We'll even advise you if changing business structures will help you keep more of your hard-earned money.