Corporation Tax

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Corporation Tax is the tax paid to HMRC that is calculated based upon the trading profits from doing Business by Limited Companies, Clubs, Co-operatives and unincorporated associations.

However, HMRC does not provide a specific bill for Corporation Tax. Instead, it is the responsibility of the individual organisations to ensure that the correct calculations and actions are taken in order to pay and report their Corporation Tax liability accurately.

Whilst the below is not an exhaustive list, the four specific actions that need to be completed in order to work out, pay and report Corporation Tax to HMRC are as follows:

  1. Register for Corporation Tax with HMRC when commencing business or restarting a dormant Business.

  2. Keep accurate accounting records and prepare a Company Tax return to calculate how much Corporation Tax is due using FRS102 & FRSSE as applicable

  3. Pay the Corporation Tax (or report if you have nothing to pay) to HMRC by the reporting deadline - usually 9 months and 1 day after the end of the organisations accounting period

  4. File the Company Tax return with HMRC by the reporting deadline - usually 12 months after the end of the organizations accounting period.

If this all sounds rather difficult and time consuming, we can help.

Barnstone Accountancy’s fully inclusive Corporation Tax Service offers our Clients an all-encompassing solution where we take the strain of ensuring your Corporation Tax reporting is completed for you on time every time. We complete all calculations, prepare the return, ensure you are happy with the content and file the return with HMRC on your behalf utilising our exclusive Agent portal.

Barnstone can also offer help and advice on individual matters no matter how big or small. As an example, if you complete your Corporation Tax returns yourself, we offer a reviewing service where we cast our eyes over your own calculations as a confidence check before you submit your return to HMRC.

Whatever level of support you require, Barnstone Accountancy will always provide you with a value for money service that’s tailored to fit your needs.

No fuss, jargon free and easy to understand.