Corporation Tax Support

Corporation tax is a tax that is placed on limited companies, housing associations, membership organisations, and some clubs and societies in the UK. It is put on money made through trading profits, investments and selling assets (such as land or property) for more than they cost. The corporation tax main rate in the UK is currently set at 19% for all business profits.

Corporation tax is placed not only on profits, but on any gains made from selling assets such as land, property or shares. For guidance on corporation tax, so as to avoid error, it is best to consult an accountancy firm.

There are a few ways to legally reduce corporation tax. Beyond claiming reliefs, allowances and expenses, there are other creative strategies that you can implement. Accountants are best placed to advise on these strategies; seeking the advice of a company like Sleek can save you more money than you might expect.

Deductions on corporation tax are known as corporation tax reliefs; these can occur through research & development costs, profit from patents, losses to a business and some creative work. They will also occur through disincorporation, when a company its structure to sole trader or partnership. Accountants such as Sleek can advise on where corporation tax reliefs may apply to your business.

You need to pay corporation tax nine months and a day after the end of your accounting period for the previous year. Though you will make this payment before you file your company tax return, you will need to prepare the return in order to work out how much corporation tax you owe. Using an accountancy firm such as Sleek will take the stress away from the process, ensuring that you have all the information you need and helping you to avoid late payments.