Working through a limited company is one of the most tax-efficient options available, but with corporation tax reliefs and rates changing on an annual basis, it can be hard to keep track of all the exemptions, allowances and deductions. That’s where we come in.
We will work closely with you to make sure we understand your business thoroughly so we are able to offer you the best tax advice. Our aim is simply to make sure you maximise your profitability with minimum stress.
About corporation tax
Corporation tax is the tax on profits payable to HMRC by limited companies. These limited companies can be limited by shares or limited by guarantee.
Non-trading or dormant companies do not usually have to pay corporation tax or submit corporation tax returns (CT600).
A CT600 for a company’s financial year must be submitted no later than 12 months after the end of the financial year although any tax payable is due 9 months and 1 day after the end of the financial year.
Our corporation tax services
We usually prepare the CT600 alongside the accounts and submit both documents at the same time.
This allows us to check that the tax planning for the company is at its optimum. We will also review any directors’ tax planning with the aim of minimising liabilities.
Once complete the return will be filed on time and backed up accordingly.
If your company is newly incorporated we will ensure that it has been appropriately registered with HMRC as well as Companies House.
Research & Development Tax Credit
The government provides a R&D Tax credit to any company that carries out research and development. Many companies do this, without even realising it.
We will have a discussion with the directors of the company to work out if you qualify. If you do, then we have contacts with several R&D Tax Credit specialists who will ensure that any documentation to support the Tax Credit claim is completed correctly to maximise your chances of success.