Corporation Tax is payable annually and calculated based on the profit that your company makes. Your profit is your company’s income minus its expenditure (including salaries paid to employees but excluding dividends paid).
The tax is calculated each year and is recorded on a Corporation Tax return known as a CT600.
The current Corporation Tax rate for small companies is 19%, and is payable on your profit each year. The Corporation Tax needs to be taken into account to determine what profits remain available to pay to the shareholders.
You must pay your Corporation Tax by 9 months and 1 day after the end of your accounting period. Your accounting period is usually your financial year end but you may have two accounting periods if it is your company's first year. When we prepare ...
A CT600 is a company tax return which is submitted to HMRC and outlines the amount of Corporation Tax your company is required to pay along with calculations of how this figure was calculated. This is normally filed at the same time as your year end ...
If payment or filing deadlines are missed, HMRC & Companies House don't hesitate in issuing a penalty with interest charges if payments are overdue. PAYE Late filing of RTI submissions result in HMRC penalties of £100 per late submission. With a ...
Owning and renting property can have tax implications. As a landlord, you need to be aware of your income and capital gains tax liabilities. You’ll also need to ensure that any income from rental properties not held in your limited company are ...
Yes! For Corporation Tax purposes you’re allowed to reclaim expenses from up to seven years before trading. If you're VAT registered, VAT can only be claimed up to 6 months prior to incorporation.