Corporation tax, as any other taxation area, is also quite complex. So, it is important to plan ahead and not just complete the yearend tax returns. That is why we will first conduct a full tax review of your business. This will help you choose the most efficient tax structure for you. These free reviews often result in considerable tax savings for your business. This way you can minimise your corporation tax and make the most of any available reliefs. Additionally, we will advise on capital allowances claims, tax losses and deferment opportunities.
Corporation tax compliance
There are many forms and documentations that each business has to complete and submit to HMRC normally each year, such as:
- CT600 which is a self assessment form for Limited Companies
- iXBRL files (This are electronic files to feed figures directly into HMRC database (it is no longer possible to send Final Accounts to HMRC by post)
- CT41G to inform HMRC that your business has started trading
We will complete and submit all these corporation tax forms on your behalf. This will remove from you the burden of compliance with the current tax legislation.
Business tax mainly includes the corporation tax, VAT and PAYE for employers. The corporation tax is payable on the profits made by a limited company or a partnership. Usually every year each business needs to complete and submit the corporation tax return. We will not only make sure that the filing deadlines are not missed. But ensure that our clients are informed of their tax liabilities as early as possible. As a company, you will have an accounting period, normally covering one year. In this period the taxable profits or losses made by the business need to be calculated. The accounting period of a business does not have to correspond to the tax year set by HMRC which ends on 5 April.
Important
Adiva Accountants will provide advice regarding whether certain expenditure is relievable against income. We will also advice whether certain expenditure is capital in nature and not revenue. These issues often are very important in decision-making, particularly in acquisition of fixed assets. We have experience of advising on reconstructions and restructuring of businesses.