Corporation Tax returns - Liburd Gallagher
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 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 our chartered accountants on 0208 426 5245 or email us at firstname.lastname@example.org
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