Companies must pay corporation tax if they are limited companies, a foreign company with a branch in the UK, or cooperative and unincorporated companies. The unique thing about corporation tax is that you don’t get a bill for the tax. A company has to work out some things and pay and report their tax. Tax accountantS in Banstead are better positioned to help you file your corporation tax. They know the steps to take as a new business that has started operating in the United Kingdom.
First, a company must register with HMRC for corporation tax payment. If it’s an unincorporated company, it must write to HMRC to notify them of its starting operations. The company must keep accounting records and create a company tax return to help it work out the corporation tax it has to pay. A tax accountant in Banstead can help you accurately prepare your tax returns and keep your bookkeeping in order. The next step is paying the tax bill or report if you have nothing to report before the deadline. Corporation tax has the same deadline as other financial years as your annual accounts.
Profits taxable in corporation tax include trading profits, investment and chargeable gains. If your company is in the UK, you’ll have to pay profits gained in the UK and those gained abroad. Getting chartered accountants to help you put your tax records for the next financial year as you start operations in the UK is paramount. These experts are trained and have a deeper understanding of taxes. A tax accountant in Banstead who is accredited can advise you accordingly when it comes to filing corporation tax. Reach out to David Beckman & Co Ltd at 01737844322 for more information on any tax-related services.Read More