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You first need to register your business in writing with HMRC.
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Then, you must start maintaining complete financial records to prepare your company tax returns accurately.
Corporation tax
services
Navigating corporate tax laws can be challenging, so planning ahead and staying abreast of changes is vital. Fret not – our experienced company tax accountants offer top-notch tailored advice to help you stay compliant and minimise your tax burden.
Whether you’re a limited company, a co-op, a club or a community group, you’ll need to pay corporation tax to HMRC. This holds true even if your company is registered overseas, but you have an operating office in the UK. There are several steps to setting up corporation tax payments for your company:
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Your company tax returns will help you prepare your corporation tax bill, which must be paid within nine months and one day after your company’s accounting period ends.
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All income made through trading, investing, or selling assets will be taxable.
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If you’re based out of the UK, all money made within the country and abroad will be taxable.
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Depending on which industry you are in and how large your business is, there are numerous tax reliefs and allowances you could be eligible for.
Why work with our
company tax accountants?
Preparing your corporation tax returns, knowing which reliefs you can apply for and keeping up-to-date with the changing tax laws is cumbersome and time-consuming. That’s where Golding Accountancy comes in. We have extensive experience in handling corporate tax queries of all kinds and can:
- Advise you on the best tax structure for your business
- Identify the best tax relief and allowance schemes you can apply for
- Guide you on capital allowances and capital gains tax to help reduce your tax bill
- Help you process research and development tax claims and get up to thousands as a refund.
Our corporation tax services help uncomplicate corporate tax legislation for you and help your business achieve its goals – it’s as simple as that!
How our team of corporation tax accountants
can support you
Our company tax accountants are highly skilled and have a strong commercial focus. They have a track record of successfully minimising liabilities, so you can trust that you are in capable hands. Our corporation tax services typically include:
- Complete tax accounting assistance under FRS 101, FRS 102 and IFRS
- iXBRL tagging for tax returns and financial statements
- Complete preparation and submission of tax returns
- Representation in case HMRC holds an inquiry
- Review-only compliance assistance as needed
- Capital allowance claims
- Director’s loan planning
- Operating structure planning
- Losses and year-end planning
- Chargeable gains planning
- Employee share claims
Frequently Asked Questions
(FAQs)
1. Do all businesses have to pay corporate tax?
Yes, all UK businesses are required to pay corporate tax on their profits. There are rules around preparing and submitting corporate tax returns and the kind of relief you are eligible to apply for. Speak to Golding Accountancy to understand how it impacts you.
2. What’s the best way to do corporate tax planning?
When you work with us, we’ll review your annual accounts and gain a complete understanding of what your business does and how you operate. This will help us identify the best strategies to lower your tax burden. We’re happy to offer a free initial corporate tax review to determine where your company stands and how it can go forward most profitably. Reach out to the experts at Golding Accountancy today.
3. How can I correct an error on my submitted Corporation Tax return?
If you’ve discovered an error on your submitted Corporation Tax return, here are the steps you can take to correct it:
- Pinpoint the exact reason for the error, whether it’s a calculation mistake, incorrect figures, or a missed item.
- Collect relevant documents or information that substantiates the error and the correct details.
- Contact HMRC’s corporation tax helpline or submit a written request to amend the return. You may be required to provide specific details about the error and the corrected information.
- Submit the supporting documents you’ve gathered to HMRC to verify the accuracy of the amended return.
- HMRC will review your amended return and notify you of their decision. If the amendment is accepted, they will adjust your corporation tax liability accordingly.
It is better to seek help from a professional accountant who can help you ease the process so that you remain stress-free.
4. What records does my company need to keep for Corporation Tax purposes?
HMRC requires you to keep detailed records for at least six years after the filing deadline. The following documents are generally required:
- Accounting records include profit and loss accounts, balance sheets, and other supporting documentation.
- Detailed records of all sales and purchases made by the company.
- Records of all bank transactions.
- Payroll records include information relating to employee wages, deductions, and benefits.
- Capital allowances claim records.
- If your company is VAT-registered, you should keep VAT records.
- Any other records necessary to support your Corporation Tax return, such as records of expenses, capital expenditure, and charitable donations.
5. What steps should I take if my company has overpaid Corporation Tax?
If your company has overpaid Corporation Tax, here are the steps you should follow:
- Carefully examine your return to identify potential errors or omissions that may have led to overpayment.
- Contact HMRC’s Corporation Tax helpline to inform them of the overpayment and request a refund.
- Be prepared to provide any necessary documentation to substantiate your claim, such as copies of your Corporation Tax return, bank statements, or other relevant records.
- HMRC will review your claim and notify you of their decision. If your claim is successful, they will process a refund to your company’s bank account.
If you still find it daunting, work with an experienced accountant. Our team of tax accountants can help you with overpayment of corporation tax.
Why consider Golding Accountancy for
corporate tax planning
From the fundamentals to the most complex queries, we’ve got your back on all things accounting and taxation. Our accounting services in the UK are the real deal!
Tax computation
We accurately determine your tax burden, ensuring you legally pay the least possible to HMRC.
Return submission
Ditch the stress of deadlines with our certified accountants, who will handle the entire return submission process to HMRC, including ensuring it is sent on time.
Tax-saving strategies
We help businesses reduce their financial burden with HMRC through allowances and tax breaks – we know what we are looking for.
Compliance assurance
We get it right the first time so you can safeguard your business from tax penalties through our HMRC corporation tax expertise.
HMRC correspondence
Leave it to us; we will handle all communication with HMRC on your behalf so that you remain stress-free.
The kind of businesses that count on our
corporation tax services
We’ll help anyone who’s excited about their craft, committed to their passion, and interested in getting to the heart of the financial matter. Our USP lies in our ability to provide top level tax advice to business in a wide range of sectors and backgrounds. And we deliver brilliant results.
Proof we are not
bull*****ing!
“I have used Golding Accountancy for completing my property tax each year.”
I have used Golding Accountancy for several years now to sort out my property tax. Being completely ignorant in this area I have always relied on them to help me through this minefield and explain things along the way. They always take time to answer my questions and I have been more than happy with their service over the years. Particular thanks to Anthony Burrell for his patience!
Christine Petherick
“Best accountants by far”
Ian, Anthony and the rest of the team at Golding are helpful, professional and friendly. The team have completed my self assessment each year swiftly and efficiently without a hitch, they are always on hand to answer questions and provide advice regarding my accounts. Golding has also provided help and assistance when I re-mortgaged (twice) when my mortgage advisor asked me for information I didn’t even understand. Golding Accountancy go the extra mile and I would recommend them 100% for anyone looking for an accountancy firm.
Jim Miller
“#TeamGolding”
I have used Golding Accountants since January 2017 for my Sole Trader accounts & Tax Returns. Initially with Ian Butler and subsequently with Anthony Burrell, both have been extremely professional in their approach.
If I have any queries they are easily accessed by email or more than happy to take time out of their hectic schedule to reassure me.
My Tax Returns come back to me extremely quickly & easily understandable.
I am more than happy to endorse them both.
Sean Whitelamb
“I have been using Golding
for a number of years”
I have been using Golding for a number of years and they have been excellent in all areas. I must mention particularly Anthony Burrell who has guided me through the minefields of taxation like no other. I highly recommend them.
Mr Richard King
Our wide-ranging
tech stack
We work on the top software and applications in the industry, delivering to you the very best possible.
Fancy a cuppa
with us?
Get in touch with Golding Accountancy for guidance on the ins and outs of accounting, taxation and financial management. Let’s hang out – it’s on us!
PS: We love biscuits.
Or, email us at info@wearegolding.com
Or, email us at info@wearegolding.com
