Corporation tax returns are mandatory for all UK companies registered at Companies House. Tax is due on your calculation of tax-adjusted trading profit over the twelve months of your accounting period.
Corporation tax calculations are almost always best handled by qualified accountants. At Perrys our professional knowledge helps you make sure you can claim all allowances correctly, and minimise your tax liability.
Victoria has looked after the tax affairs of my consultancy for 20 years. Throughout that time, her work has consistently met high standards of accuracy and presentation.
Steve makes me feel that I am his only client, perhaps I am?
Annual Investment Allowance (AIA)
AIA generally applies to plant and machinery, and also to certain features, fixture and alterations to business buildings.
Chargeable gains can arise when a business sells an asset for more than it paid for it. The calculation needs to cover any fees and costs involved, as well as an adjustment for inflation.
Corporation Tax Losses
You can carry forward trading losses to later accounting periods. Loss making years are an important consideration for all businesses, and especially for start-ups which lose money in their first years before entering into profit. At Perrys Accountants, we have a dedicated service for startups which has proved to be of enormous help for entrepreneurial clients.
Research and Development Relief (R&D relief)
R&D relief is designed to support innovative projects in science and technology. It can even be claimed on unsuccessful projects.
Creative Sector Relief
This relief is available for if your company is in theatre, film, television, animation or video games.
You can pay online or through telephone banking using Faster Payments. Payment will be made same day or next day. You can make same day payment by CHAPS as long as you set it up within normal bank opening hours. BACS is another option, although payments will take three working days to clear.
What is the deadline for Company Tax Returns?
Businesses need to file a Company Tax return to Companies House and HMRC after the end of their trading year, together with their full annual accounts.
The deadline for annual accounts is nine months after the end of your financial year. Your Company Tax return has to be filed within 12 months after the same date, with penalties payable if you are late by a day or longer.
What are Corporation Tax rates?
Corporation tax rates for recent years are as follows:
Since 2015/16 the rate has been same for businesses making profits above or below £300,000.