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The financial information that most businesses file with HMRC each year to report on their revenue, losses, loans, and other factors is a Company Tax Return. Every limited company that is based in the UK has to pay corporation tax on their profits. It also applies to any foreign companies operating through a UK branch.
Corporation tax rules are vast and complex. However, you do not have to worry. We have a team of experts who will help you take over-preparing and file your corporation tax returns. We understand each business carefully so that we can minimize the tax liability legally.
First, the business must register with HMRC using its official forms, so HMRC knows that you are liable for corporation tax. It is essential to retain the correspondence from HMRC. If your company is liable for corporation tax, corporation tax must be paid on the adjusted profit after adding/deducting allowable or disallowable expenses.
The deadline to file the corporation tax return is 12 months after the accounting year-end. Corporation tax is payable to HMRC within 9 months and 1 day after the accounting year-end. If the Corporation tax is filed or payment is made late, it may be subject to interest and/or penalties.
Our expert team of accountants can assist in preparing company Annual Financial Accounts, corporation tax return, and related tax computations. We also provide advice on corporation tax returns planning that may benefit you and your company.
The top accountants in Bexleyheath provide the following services related to self-assessment tax returns and bookkeeping, and vat.
A corporation tax return breaks down its earnings and expenses to calculate how much tax it owes the UK government. We also have to include full accounts in iXBRL format while filing the corporation tax returns to verify the figures. HMRC can also ask for a detailed breakdown of the statistics on Corporation tax enquiry and investigation.
The first piece of data you’ll require to begin preparing your tax return is the entire amount of revenue you received during the year. Any employer that pays your salary must send you a W-2 form each year that reports your annual income and withholding tax. Independent contractors usually receive income reports on Form 1099-NEC (1099-MISC in years before 2020). In case you are a sole business owner, you would be responsible for gathering all of the data about the revenue or loss of your business to report on your Schedule C attachment.
The Company name, company’s corporation tax reference number/UTR number with tax district. Financial statements, profit, and loss statements, and fixed assets registrar. The directors/internal accountants will be required to provide information on the company’s financials.
Corporations may subtract a wide range of costs from their earnings. The corporation’s financial officers should keep track of these details over the year and provide complete documentation in the event of an audit.
The following costs are not tax-deductible:
– Depreciation
– Amortisation
– Net loss on sale of fixed assets
– Disallowable entertaining
– Disallowable legal and professional fees
– Other disallowable expenses etc.
We are concerned. Our guiding principle at EFJ Consulting is to consider and empathize with our clients while offering expert tax advice and services.
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