Corporate and Business Tax

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What is a Corporation Tax Returns?

A Corporation Tax Return is a return filed by Companies or associations to declare their profits, spendings and company tax figures to HMRC, usually once a year. It is essential for all active UK companies to file their Corporation Tax Return before the deadline to meet their legal obligations and avoid late penalties. Company tax reliefs and rates are changed several times on an annual basis, therefore you need to make the most of the allowances, exemptions, and deductions to reduce your Corporation tax liability.

Corporation tax accounting experts at Tax Assist accountants specialize in filing Corporation Tax Returns and helping small businesses in reducing their company tax liability. Our experts are specialized in handling all aspects of technical tax and can guide you on the same by making use of allowances, exemptions, and deductions you may not even know about.

How to file a Company Tax Return?

A Company should never pay their corporation tax after the deadline and give an invitation to the penalties imposed by HMRC. It can only be possible if a company can know about every deadline concerning Corporation Tax Return. A Company usually needs to file a Corporation Tax Return 12 months after the completion of the accounting period. If your company makes a loss or has no corporation tax to pay, still you need to file a Company tax return to HMRC. The deadline for paying Corporation tax is usually 9 months and one day after the completion of the accounting period.

There is no bill provided by HMRC for corporation tax, and you need to work out, pay and report your tax to HMRC on your own. Our corporation tax experts at Tax Assist accountants not only calculate your corporation tax but also pay and report the same to HMRC much before the Corporation Tax Return deadline to ensure that there will be no penalties and you remain compliant by fulfilling all your legal obligations.

What is the notice to deliver a Company Tax Return?

In case your accounts cover a period of fewer than 12 months, still, it matches the corporation tax period,

but if your accounts cover a period of more than 12 months, then there will be two corporation tax accounting periods, and you have to

File two company tax returns to HMRC –

First company tax return for 12 months
Second company tax return for the remaining period.

It may happen with many of the small businesses that they get confused while submitting Corporation Tax Return when it is for a shorter period or a longer one but no need to worry as our expert tax accountants have specialisation in handling such cases and will calculate your corporation tax and file your return accurately and without any hassle.