Corporation tax applies to all UK companies and you must file your corporation tax return on time.
Our corporation tax services can help you with this legal requirement, streamlining the process from end to end.
A corporation tax return, also known as a CT600, is your company’s annual tax return. It shows your company’s taxable profit. Your company is liable to pay corporation tax on this profit. This figure consists of your company’s income minus expenses and any tax allowances.
As of March 2022, the corporation tax rate was 19%, which generally applies to all companies, regardless of size.
As of April 2023, the rate of corporation tax which is paid on company profits is expected to increase from 19% to 25%. As a caveat of this increase, a small profits rate of 19% will apply to companies whose profits are equal to or less than £50,000.
Once we’ve completed your corporation tax return, we’ll let you know how much corporation tax you must pay. You need to pay this sum within nine months and one day of your company’s year-end.
For example, if your company’s financial year-end is January 31, you would have to pay your corporation tax bill by November 1.
The easiest and quickest way to pay your corporation tax is online. The back of the payslip HMRC sends to you will tell you which account to use. If you’re not sure, use Cumbernauld or contact us to confirm.
You must also include your 17-character corporation tax payslip reference for the accounting period you’re paying. You can find this on any payslip that HMRC has sent you, or through your company’s HMRC online account.
You must submit your corporation tax return to HMRC within 12 months of your company’s financial year-end. If you fail to do so, you’ll be issued a penalty notice. The current penalties are:
Most companies outsource corporation tax returns to accountants. This helps take the stress out of ensuring your business is corporation tax complaint and instead entrusting this duty to a senior chartered accountancy firm like Venn Accounts.
Accountants can also help identify tax saving opportunities, such as R&D tax credits, for your business to help minimise the amount of tax your business pays.
Filing your corporation tax return accurately and on time needn’t be an issue. We’ll take care of the entire process for you.
We keep the whole process simple, transparent and accessible. Our senior accountants will look at your accounts in detail and we’ll make sure you understand everything we cover and what you’ll need to do next.
Here’s what we do:
Operating from our London head office, Venn Accounts a traditional accounting firm. We are committed to ensuring all our clients are completely clear about what we can do for them, while fully supporting them every step of the way.
Contact us and speak to a member of our team about our annual account service.
