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Corporation tax

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What is Corporation Tax?

Corporation tax is a tax charged on the taxable profits of doing business as;

  • A limited company
  • Any foreign company with a UK branch or office
  • A club, co-operative or other unincorporated association, e.g. a community group or sports club
Your responsibility:

Under Corporation Tax Self-Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners and directors. Under the law business owners and directors are required to keep accounting records and prepare a company’s tax return to work out how much corporation tax to pay.

How is the corporation tax calculated?

The UK parliament sets corporation tax rates for each financial year which runs from 1st April. The current rate of corporation tax is 19%. All companies are required to prepare their annual statutory accounts and calculate their taxable profits and corporation tax charge.

After calculation of corporation tax charge and preparation of annual statutory accounts companies are required to file their accounts and tax returns with HM Revenue and Customs (HMRC) and pay their corporation tax.

How we can help?

At Eureka, we can help you with the following:

  • We can help you with registration of your company for corporation tax purposes
  • Preparation of your company’s statutory accounts and Corporation Tax Return (CT600)
  • Submission of Statutory accounts with Companies House
  • Submission of your company’s Corporation Tax Return with HMRC
  • Advise on how and when to make your corporation tax payment (if any)
  • We understand the issues facing owner-managed businesses and therefore can prepare corporation tax returns in a timely and efficient manner. We will also calculate your company’s tax liability and assist with the calculation of any quarterly instalment payments.
  • The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.

For more information and to arrange a free consultation, please contact us.

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Eureka Accountants Limited is an independent firm of chartered certified accountants and statutory auditors.

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63 Lancing Road
Newbury Park
London
IG2 7DQ
020 3286 7798
info@eurekaaccountants.com
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