Corporation tax

What is Corporation Tax?

Corporation Tax is a tax on the taxable profits of limited companies and some organisations including clubs, societies and charities. Taxable profits include trading profits and investment profits but also chargeable gains on assets sold (more on this in the Capital Gains Tax section).

What forms do I need to complete and when do I have to pay any tax?

A Corporation Tax Return (form CT600) must be submitted within 12 months of the end of your accounting period, although any Corporation Tax due needs to be paid 9 months and 1 day after the year end. It is important to note that there are penalties for late filing of the CT600 and interest will be charged on any late payment of Corporation Tax.

How can Downham Associates help?

Corporation Tax law is complex and constantly changing, therefore it is important to seek professional advice to ensure that not only is your business compliant with all tax rules and regulations, but also that you are claiming all allowances and tax reliefs due in order to minimise your Corporation Tax liability. We will represent your business to HMRC in all tax matters but also engage with your business to ensure that efficient tax planning is in place going forward.

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