Corporation Tax Returns in Bath
Corporation Tax is due on the taxable profits of limited companies and other organisations. These include trading profits and investment profits, in addition to capital gains.
Company directors have a responsibility to calculate their corporation tax liability, submit a Company Tax Return (CTSA Return) with HM Revenue & Customs, and pay the right amount of tax electronically. Furthermore, this must be completed in line with a series of deadlines.
The CTSA Return can impose significant administrative burdens on businesses. R D Owen and Co can alleviate the strain by completing your Return on your behalf.
There are two rates of corporation tax, as follows:
- The lower 'small profits' rate
- The upper 'full' or 'main' rate
Where a business's profits fall between certain limits, Marginal Relief can help to reduce the corporation tax due. The corporation tax rates and allowances are unveiled in the Spring Budget each year. For details of the latest rates, please contact us.
For corporation tax, the financial year runs from 1 April to 31 March. If the company's accounting period spans two corporation tax financial years, we may need to apportion your taxable profits between the two years.
Unlike other taxes, the corporation tax deadline comes before the deadline for filing the company tax return. In some cases, payment of corporation tax is due in four quarterly instalment payments.
As experts in all aspects of corporate taxation, we can deal with HMRC on your behalf.
Why not let R D Owen and Co prepare your Company Tax Return and calculate your tax liability on your behalf? We can also help with the calculation of quarterly instalment payments if applicable.
We can also advise you on a range of strategies designed to minimise your corporation tax bill, and boost the bottom line, such as bringing forward expenditure, investing in plant and equipment, and making contributions to registered pension schemes. Please call us for further information and assistance with Corporation Tax Returns in the Bath area.