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Every limited company in the UK needs to be registered with HMRC and pay Corporation Tax on its profits during the financial year. Currently, all limited companies must pay a 19% Corporation Tax to HMRC.

If you’re a society, club or association, you may still need to pay Corporation Tax even if you aren’t incorporated. If your company is based in the UK, you must also pay Corporation Tax on any profits you earn in other countries.

Calculating how much you owe can be cumbersome, especially if you aren’t aware of any tax breaks that might apply to your company. That’s why we recommend letting our company tax accountants handle the paperwork for you.

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Why use our Corporation Tax services

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The Corporation Tax services we offer include

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FREQUENTLY ASKED QUESTIONS

Got a question about our Corporation Tax services?

We list the common queries we get asked from time to time.

Corporation Tax is a tax imposed on the profits of companies and other corporate entities in the United Kingdom. Basically, any company or corporate entity operating in the UK, including foreign companies with a UK branch or office, is subject to this tax. Taxable profits under Corporation Tax include money earned from business activities (trading profits), investments, and selling assets for more than their cost (chargeable gains).

Yes, all UK businesses are required to pay corporate tax on their profits. There are specific rules around preparing and submitting corporate tax returns and various kinds of relief businesses might be eligible for. These rules can be complex, and understanding your exact tax obligations is crucial to ensure compliance and optimise your tax position. Speaking to Lyel Accountants can offer insight into how it may affect your business.

Register your company with HMRC for Corporation Tax within three months of starting business activities. This can be done online through the HMRC website, where you’ll provide details about your company and its business activities.

Determine your taxable profits, including all income and capital gains. Use form CT600, which you can submit online via HMRC’s website. This form requires detailed financial information about your company.

Before filing, calculate how much tax you owe based on your profits. The payment deadline is usually nine months and one day after the end of your accounting period.

File your CT600 form online, along with your company’s accounts and tax computations, within 12 months after the end of the accounting period it covers.

SECTORS WE SERVE

Bespoke Corporation Tax services for

We help construction businesses with deductions, reliefs, and tax-efficient structuring within CIS regulations. We aim to help our CIS clients focus on accurate tax computation – hassle-free!

You wouldn’t put your health in the hands of anyone but an expert. Why not let us prepare your CT600 returns and track your expenses to claim proper capital allowances for your healthcare business?

In the hospitality industry, Corporation Tax management is crucial. We assist in optimising tax positions, including handling allowances and reliefs specific to hospitality, to improve your bottom line.

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