Corporation Tax

Corporation tax

The Basics – What is Corporation Tax and How is it Calculated? 

Here we cover everything you need to know about Corporation Tax and how we can help you to both minimise the level of tax payable and simplify the process. 

Who needs to pay Corporation Tax? 

If you’re a limited company or a foreign company with a branch or office in the UK or an unincorporated association, then you are liable to pay Corporation Tax on profits from doing business. 

 

How do you pay Corporation Tax? 

You won’t receive a bill for Corporation Tax, but instead you will need to register with HMRC, keep accounting records and prepare a company tax return to establish the amount of Corporation Tax you owe. This can be daunting and is one of the services we offer.  

 

When is Corporation Tax due for payment? 

We can advise you on this for your particular business but it is generally payable 9 months and 1 day after the end of your ‘accounting period’. 

 

How is Corporation Tax calculated? 

Taxable profits include the money you make from trading, investments and selling assets in any trading year. If you’re UK based, then you will need to pay Corporation Tax on profits both from UK trading and any overseas trading. If your company is based elsewhere but has a UK office, then Corporation Tax is payable on your UK office profits alone.  

 

How we can help 

The team will ensure your Corporation Tax charge is managed efficiently and will also ensure tax in other areas of your business, which is likely to affect shareholders’ wealth and employee benefits, is minimised. 

At Moracle we pride ourselves on offering an efficient, cost-effective compliance service that ensures the fiscal obligations of your business are met to the benefit of your business.