Corporation Tax Returns in Bournemouth
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.
The self assessment system requires company directors to calculate their corporation tax liability, and file a Company Tax Return (CTSA Return) with HM Revenue & Customs. They also need to pay the right amount of tax electronically and in accordance with set deadlines.
We recognise that completing the CTSA Return can be a real headache for business owners. That's why Paget Reid York offer a range of services to alleviate you of this burden.
There are two rates of corporation tax, as follows:
- The lower 'small profits' rate
- The upper 'full' or 'main' rate
If your business's profits fall between certain limits, it may be possible to reduce the corporation tax due through the use of Marginal Relief. The corporation tax rates and allowances are unveiled in the Chancellor's annual Budget. For details of the latest rates please contact a member of the team.
For corporation tax purposes, the financial year runs from 1 April to 31 March. If your business accounting period spans two corporation tax financial years, the company's taxable profits may need to be apportioned between the two years.
In contrast to other taxes, the deadline for paying corporation tax actually comes before the deadline for filing the company tax return. In some cases, payment of corporation tax is due in four quarterly instalment payments.
The specialist team at Paget Reid York are experts in all aspects of corporate taxation, and would welcome the opportunity to assist you. We will deal with HMRC on your behalf.
Paget Reid York can prepare your Company Tax Returns, as well as calculating your tax liability and helping 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 Bournemouth area.