LIMITED COMPANY ACCOUNTS Smart TAX solutions for your business...
Codex Absolute can help your company take full advantage of all offsets and allowances that the business is entitled to claim on their corporation tax return.
These accounts must meet the International Financial Reporting Standards or New UK Generally Accepted Accounting Practice.
Corporation Tax
Corporation tax is something you pay to HMRC on the profits of a limited company. You must register for corporation tax when you start a business. You then need to keep accounting records and prepare a Company Tax Return to calculate how much Corporation Tax to pay.
You must then pay (or report to HMRC if you have nothing to pay) your corporation tax by the deadline (normally 9 months and 1 day after the end of your accounting period). You must then file your Company Tax Return with HMRC usually within 12 months of the end of your accounting period.
What profits do you pay corporation tax on?
- Trading profits
- Investments
- Asset sale profits (selling for more than you paid for)
If the company is based in the UK you pay corporation tax on all profits from UK and abroad, however, if your company isn’t based in the UK and only has an office in the UK you only pay corporation tax on profits from UK activities.
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