Corporation Tax Services
In the UK you must meet your tax obligations this helps HMRC and the economy. But time and knowledge can get in the way of managing these responsibilities.
Not paying the right amount of tax can lead to financial and legal penalties. Fortunately corporate tax services can be a proactive solution to help you navigate the tax maze and avoid the traps.
At N-Accounting we specialise in corporate taxation, we offer business owners professional advice and corporate tax preparation services. Our dedicated and hardworking team has the expertise to navigate the UK tax maze, ensuring accuracy and compliance for your business. With N-Accounting you can simplify your tax and maximise your finances.
Understanding Corporation Tax
Corporation tax is charged on the profits of a limited company and includes gains from the sale of shares, property or land. The current rate of corporation tax is 19% for companies with profits under £50K, 25% for profits over £250K. Companies in the middle of these two brackets may be eligible for marginal relief.
Sole traders, the self employed and partners are not subject to corporation tax. They are taxed on their earnings through income tax bands.
How Corporation Tax Works
Your business should use corporate tax services if it makes profits as:
A limited company
A foreign company with an office or branch in the UK
A club, co-operative or other unincorporated association (e.g. sports clubs and community groups)
Company directors are responsible for paying corporation tax to HMRC and the deadline depends on the level of taxable profits. For profits up to £1.5m payment is due 9 months and 1 day after the end of the company’s accounting period.
For profits over £1.5m payment by instalments can be arranged but subject to specific rules based on profit levels. Note the corporation tax deadline is before the company tax return deadline which is 12 months after the end of the accounting period.
Many UK companies register for corporation tax and PAYE at the same time as their Companies House registration. If not then registration must be done within 3 months of the limited company being formed. Once registered businesses can log into HMRC’s online services to file the company tax return and make the payments.
Not paying corporation tax and other HMRC obligations can lead to financial penalties and potentially the amount outstanding will increase. Penalties kick in immediately after the payment deadline has passed. Repeated delays can lead to further action such as distraint, statutory demand or even a winding up petition.
If paying a corporation tax bill is difficult or delayed then communication with HMRC is key. Early contact and being open about the situation can open up more options and reduce the risk of penalties or legal action.
Importance of Professional Corporate Tax Services
Navigating the UK corporate tax maze is hard so seeking professional corporate tax services is important. We take ourselves seriously at N-Accounting.
As the rules change the having a team on hand is not a nicety but a necessity for Northampton businesses. Our team have the expertise and experience to keep up with the changing tax rules and a tailored approach to suit your business needs.
Beyond the basics, using professional tax services is a proactive approach to financial management. By working with us you can spot tax saving opportunities, structure your finances and reduce risks.
We see ourselves not just as tax professionals but as business partners where your financial goals are our goals.
The benefits of using professional corporate tax services go beyond avoiding the pitfalls. Businesses can exploit the opportunities. With N-Accounting you will not just be complying you will be unlocking financial efficiency and long term success.
How We Can Help
At N-Accounting we will ensure your business complies with the tax rules but also gets tangible benefits that will give you savings and reduced tax liabilities. Our personalised, strategic and efficient service will set you up for long term financial success.
1. Tailored compliance strategies
Our corporate tax services are personalised so your business will comply with the latest HMRC rules. At N-Accounting we believe our bespoke approach will not only ensure compliance with the law but also reduce the risk of penalties. By staying ahead of the regulatory changes we can prepare your business for long term compliance which will translate into long term savings and financial stability.
2. Strategic tax planning
As part of our service we will review your financial structures, identify tax deductions and credits to reduce tax liabilities and maximise your tax savings. With tax planning your business will be more financially efficient and have a stronger bottom line.
3. Expert guidance and advice
Our team at N-Accounting have the expertise to bring to the table and will provide guidance tailored to your business needs. This support will not only ensure accurate tax returns but also help you make informed financial decisions. By using our expertise you can reduce risks and costs which will give you financial resilience.
4. Timely and efficient tax filings
At N-Accounting we prioritise quick and easy tax returns to avoid delays and penalties. Our streamlined processes and deadlines will ensure your business is tax compliant on time. Our efficiency will reduce the risk of financial penalties and make tax management cost effective.
5. Proactive risk mitigation
Our corporate tax services go beyond compliance as we spot and solve problems before they become issues. By preventing unexpected problems and associated costs our proactive approach will protect your business and give you long term savings.
Compliance and Regulatory Updates
Stay safe by staying informed with the latest compliance and regulatory changes from HMRC. View our news for up to date insights, expert commentary and practical tips to help you navigate the UK tax landscape.
Get in Touch with Northampton’s Corporation Tax Specialists
Ready to optimise your corporation tax strategy? Contact N-Accounting today for expert guidance and tailored corporate tax services. Our team will always be on hand to help you navigate tax complexities, minimise liabilities and maximise your financial efficiency.
