All Limited Companies registered in the UK are required to submit an annual corporation tax return to HMRC on an annual basis. The methods of filing company tax returns along with timescales is constantly changing and we have the necessary systems in place to ensure these are fulfilled on your behalf.

What is Corporation Tax and who is subjected to it?

Corporation Tax is a tax on the taxable profits of limited companies and some organisations including clubs, societies, associations, co-operatives, charities and other unincorporated bodies.

Taxable profits for Corporation Tax include:

  • Profits from taxable income such as trading profits and investment profits (except dividend income which is taxed differently).
  • Capital gains – known as ‘chargeable gains’.

If your company or organisation is based in the UK, you’ll have to tax on all your taxable profits – wherever in the world those profits come from.

If your company is not based in the UK but operates in the UK – for example through an office or branch (known to HMRC as a ‘permanent establishment’) – you will only have to pay on any taxable profits arising from your UK activities.

What is an accounting period for Corporation Tax?

Your company or organisation pays it on taxable profits for each accounting period. Which is normally 12 months long and normally matches your company’s financial year. However, certain events or changes of circumstances can cause accounting periods to change. You cannot choose your Corporation Tax accounting period.

We can prepare the Corporation Tax Return and submit them to HMRC along with your financial accounts and tax computation.

We can work with you and assess every aspect of your business to advise you on the best tax planning for you and your business.