Corporation Tax returns - Limited Company Accounts
When your financial year ends, our accountants translate your books into your yearly accounting submissions. We handle submitting your accounts, tax return and confirmation statement, i.e. everything that is required for HMRC and Companies House, including:
Profit and loss report: a summary of your businesses activity in the year comprising all sales and expenditure
Balance sheet: a report of your assets and liabilities; your cash position, what you own, and what you are owed
Director’s Report and Notes to the account: prepared in accordance with General Accepted Accounting Principles (GAAP)
Unlimited tax advice is included as part of the accounting service. We want all of our clients to feel comfortable asking us questions, at any time. In the long run, this is more efficient than needing to fix something avoidable at the end of the year.
You need your accounts and tax return to meet deadlines for filing with Companies House and HM Revenue and Customs (HMRC).
Action Deadline
File first accounts with Companies House 21 months after the date you registered with Companies House
File annual accounts with Companies House 9 months after your company’s financial year ends
Pay Corporation Tax or tell HMRC that your limited company does not owe any 9 months and 1 day after your ‘accounting period’ for Corporation Tax ends
File a Company Tax Return 12 months after your accounting period for Corporation Tax ends
Your accounting period for Corporation Tax is the time covered by your Company Tax Return. It’s normally the same 12 months as the company financial year covered by your annual accounts.
You must pay Corporation Tax on profits from doing business as:
- A Limited company
- Any foreign company with a UK branch or office
- A club, co-operative or other unincorporated association, eg a community group or sports club
You don't get a bill for Corporation tax.
There are specific things you must do to work out, pay and report your tax.
- Register for Corporation Tax when you start doing business or restart a dormant business. Unincorporated associations must write to HMRC.
- Keep accounting records and prepare a Company Tax Return to work out how much Corporation Tax to pay.
- Pay Corporation Tax or report if you have nothing to pay by your deadline – this is usually 9 months and 1 day after the end of your ‘accounting period’.
- File your Company Tax Return by your deadline – this is usually 12 months after the end of your accounting period.
Your accounting period is normally the same 12 months as the financial year covered by your annual accounts.
The Corporation tax rate for 2023 is 19% on profits under £50,000
Here at Liburd Gallagher, we provide a simple and efficient service that takes care of your tax return needs. This will then allow you to focus on other aspects of the business.
Our Chartered Management Accountants offer a level of expertise which allows us to adopt the latest tax-efficient strategies whilst still making sure our clients remain HMRC compliant when it comes to filing any tax returns. Tax can be confusing and challenging, which is why we’re here to help! Take the stress away by contacting us on 0207 088 8141 or email us at info@lgaccounts.com